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Possible Bullish Inside Day Candle Pattern Detected for Commscope Holdin (NASDAQ:COMM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Commscope Holdin (NASDAQ:COMM) based on the price action in the company's shares. Yesterday's price range of $29.66 and $30.19 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 Commscope Holdin may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Commscope Holdin has overhead space with shares priced $30.09, or 12.8% below the average consensus analyst price target of $34.50. The stock should run into initial resistance at its 50-day moving average (MA) of $30.84 and subsequent resistance at its 200-day MA of $34.63.

CommScope Holding Company, Inc. operates as a holding company. The Company, through its subsidiaries, provides end-to-end solutions connecting technology and wireless and wired networks. CommScope serves customers throughout the world.

In the past 52 weeks, shares of Commscope Holdin have traded between a low of $26.29 and a high of $41.60 and closed yesterday at $30.09, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

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

Keywords: bullish am inside day candle commscope holdin

Ticker(s): COMM