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Possible Bullish Inside Day Candle Pattern Detected for Commvault System (NASDAQ:CVLT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Commvault System (NASDAQ:CVLT) based on the price action in the company's shares. Yesterday's price range of $47.61 and $48.32 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 Commvault System 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, Commvault System share prices have been bracketed by a low of $40.73 and a high of $69.20 and closed yesterday at $48.21, 18% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 0.8%.

CommVault Systems, Inc. provides data management software applications and related services. The Company develops, markets, and sells a suite of data management software applications designed to protect and manage data throughout its lifecycle.

Commvault System (NASDAQ:CVLT) has potential upside of 54.3% based on a current price of $48.21 and analysts' consensus price target of $74.40. Commvault System shares should encounter resistance at the 200-day moving average (MA) of $51.41 and support at the 50-day MA of $47.62.

SmarTrend recommended that subscribers consider buying shares of Commvault System on September 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.40. Since that recommendation, shares of Commvault System have risen 6.2%. We continue to monitor CVLT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle commvault system

Ticker(s): CVLT