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Possible Bullish Inside Day Candle Pattern Detected for Cypress Semiconductor (NYSE:CY)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cypress Semiconductor (NYSE:CY) based on the price action in the company's shares. Today's price range of $10.05 and $10.29 is within yesterday'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 Cypress Semiconductor may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cypress Semiconductor Corporation designs, develops, manufactures, and markets a line of digital and mixed-signal integrated circuits. The Company's circuits are used in the data communications, telecommunications, computers, and instrumentation systems markets. Cypress' products are marketed worldwide through a network of sales offices, distributors, and sales representative firm.

Cypress Semiconductor share prices have moved between a 52-week high of $14.19 and a 52-week low of $6.30 and are now trading 61% above that low price at $10.17 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has slid 0.5%.

Potential upside of 29.3% exists for Cypress Semiconductor, based on a current level of $10.17 and analysts' average consensus price target of $13.15. The stock should find initial support at its 200-day moving average (MA) of $9.27 and further support at its 50-day MA of $8.57.

SmarTrend is monitoring the recent change of momentum in Cypress Semiconductor. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cypress Semiconductor in search of a potential trend change.

Keywords: bullish inside day candle cypress semiconductor

Ticker(s): CY