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Possible Bullish Inside Day Candle Pattern Detected for Aerohive Network (NYSE:HIVE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Aerohive Network (NYSE:HIVE) based on the price action in the company's shares. Yesterday's price range of $3.33 and $3.36 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Aerohive Network may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 52.7% exists for Aerohive Network, based on a current level of $3.33 and analysts' average consensus price target of $5.08. Aerohive Network shares should first meet resistance at the 200-day moving average (MA) of $4.02 and find additional resistance at the 50-day MA of $4.39.

Aerohive Networks, Inc. supplies wireless infrastructure equipment. The Company designs cooperative control wireless architecture, cloud-enabled network management, routing, and virtual private network solutions. Aerohive serves the healthcare, education, manufacturing, distribution, and retail industries throughout the United States.

In the past 52 weeks, Aerohive Network share prices have been bracketed by a low of $3.19 and a high of $5.18 and closed yesterday at $3.33, 4% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.5%.

SmarTrend is tracking the current trend status for Aerohive Network and will alert subscribers who have HIVE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle aerohive network

Ticker(s): HIVE