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Possible Bullish Inside Day Candle Pattern Detected for Avnet Inc (NYSE:AVT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Avnet Inc (NYSE:AVT) based on the price action in the company's shares. Yesterday's price range of $40.09 and $40.71 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 Avnet Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Avnet Inc have traded between a low of $35.67 and a high of $51.50 and closed yesterday at $40.35, which is 13% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

Avnet, Inc. distributes computer products and semiconductors, as well as interconnect, passive, and electromechanical components. The Company markets and distributes these products and provides supply-chain integration, engineering design, and technical services. Avnet serves customers in countries around the world.

Avnet Inc has overhead space with shares priced $40.35, or 9.4% below the average consensus analyst price target of $44.56. Avnet Inc shares should first meet resistance at the 200-day moving average (MA) of $42.78 and find additional resistance at the 50-day MA of $43.16.

SmarTrend recommended that its subscribers protect gains by selling shares of Avnet Inc on March 23rd, 2018 by issuing a Downtrend alert when the shares were trading at $41.82. Since that call, shares of Avnet Inc have fallen 4.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle avnet inc

Ticker(s): AVT