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Possible Bullish Inside Day Candle Pattern Detected for Belden (NYSE:BDC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Belden (NYSE:BDC) based on the price action in the company's shares. Yesterday's price range of $60.59 and $63.58 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 Belden 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 26.6% exists for Belden, based on a current level of $61.62 and analysts' average consensus price target of $78.00. The stock should discover initial support at its 50-day moving average (MA) of $60.37 and subsequent support at its 200-day MA of $54.06.

Belden share prices have moved between a 52-week high of $87.84 and a 52-week low of $36.51 and closed yesterday at 69% above that low price at $61.62 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.3%.

Belden Inc. provides signal transmission solutions for a wide range of markets, including data networking, industrial automation, professional audio and video, security and surveillance, aerospace and many other specialty electronics markets.

SmarTrend recommended that subscribers consider buying shares of Belden on February 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.80. Since that recommendation, shares of Belden have risen 31.8%. We continue to monitor BDC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle belden

Ticker(s): BDC