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Possible Bullish Inside Day Candle Pattern Detected for Celestica (NYSE:CLS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Celestica (NYSE:CLS) based on the price action in the company's shares. Yesterday's price range of $10.21 and $10.31 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 Celestica may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Celestica Inc. designs and manufactures electronic components. The Company's products and services include design, prototyping, printed circuit assembly, full system assembly, power converters, memory packages and repair services. Celestica markets its products and services to original equipment manufacturers, primarily in the computer and communications sector.

In the past 52 weeks, shares of Celestica have traded between a low of $8.07 and a high of $13.49 and closed yesterday at $10.24, which is 27% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.4%.

Celestica (NYSE:CLS) has potential upside of 19.5% based on a current price of $10.24 and analysts' consensus price target of $12.24. Celestica shares should first meet resistance at the 50-day moving average (MA) of $10.69 and find additional resistance at the 200-day MA of $11.27.

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

Keywords: bullish am inside day candle celestica

Ticker(s): CLS