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Possible Bullish Inside Day Candle Pattern Detected for Daktronics (NASDAQ:DAKT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Daktronics (NASDAQ:DAKT) based on the price action in the company's shares. Yesterday's price range of $7.34 and $7.68 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 Daktronics 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, Daktronics share prices have been bracketed by a low of $6.56 and a high of $12.35 and closed yesterday at $7.51, 14% above that low price. The 200-day and 50-day moving averages have moved 0.61% lower and 0.40% higher over the past week, respectively.

Daktronics (NASDAQ:DAKT) has potential upside of 44.3% based on a current price of $7.51 and analysts' consensus price target of $10.83. The stock should find initial resistance at its 50-day moving average (MA) of $7.97 and further resistance at its 200-day MA of $8.86.

Daktronics, Inc. supplies electronic scoreboards, computer programmable display systems, and large video displays for sport, business, and government applications. The Company designs, manufactures, installs, and services integrated systems that display real-time data, graphics, animation, and video.

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

Keywords: bullish am inside day candle daktronics

Ticker(s): DAKT