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Possible Bullish Inside Day Candle Pattern Detected for Cray (NASDAQ:CRAY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cray (NASDAQ:CRAY) based on the price action in the company's shares. Yesterday's price range of $27.60 and $28.85 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 Cray may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cray, Inc. designs, develops, manufactures, markets and services high performance computing systems commonly known as supercomputers. The Company's products provides sustained performance on critical applications, scalability to handle larger problems and the reliability to run jobs to completion.

Cray share prices have moved between a 52-week high of $43.79 and a 52-week low of $18.00 and closed yesterday at 59% above that low price at $28.59 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has declined 1.4%.

Cray has overhead space with shares priced $28.59, or 25.3% below the average consensus analyst price target of $38.25. The stock should find initial resistance at its 200-day moving average (MA) of $31.55 and further resistance at its 50-day MA of $40.61.

SmarTrend recommended that its subscribers protect gains by selling shares of Cray on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $30.66. Since that call, shares of Cray have fallen 10.5%. 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

Ticker(s): CRAY