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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 $9.29 and $9.45 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.

Potential upside of 40.0% exists for Cypress Semiconductor, based on a current level of $9.39 and analysts' average consensus price target of $13.15. The stock should discover initial support at its 200-day moving average (MA) of $9.27 and subsequent support at its 50-day MA of $8.57.

Over the past year, Cypress Semiconductor has traded in a range of $6.30 to $14.19 and is now at $9.39, 49% above that low. The 200-day and 50-day moving averages have moved 0.46% lower and 1.73% higher over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Cypress Semiconductor on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.62. Since that recommendation, shares of Cypress Semiconductor have risen 21.4%. We continue to monitor CY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle cypress semiconductor

Ticker(s): CY