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Possible Bullish Inside Day Candle Pattern Detected for Diodes Inc (NASDAQ:DIOD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Diodes Inc (NASDAQ:DIOD) based on the price action in the company's shares. Yesterday's price range of $50.68 and $52.16 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 Diodes Inc 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, shares of Diodes Inc have traded between a low of $29.88 and a high of $59.70 and closed yesterday at $51.48, which is 72% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.7%.

Diodes Inc (NASDAQ:DIOD) defies analysts with a current price ($51.48) 27.5% above its average consensus price target of $37.33. Diodes Inc shares should encounter resistance at the 50-day moving average (MA) of $52.82 and support at its 200-day MA of $42.12.

Diodes Incorporated manufactures and supplies discrete, logic, and analog semiconductor devices to consumers in the electronics, computing, industrial, communications, and automotive markets. The Company's products include diodes, transistors, MOSFETs, single gate logic, LED drivers, and USB switches.

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

Keywords: bullish am inside day candle diodes inc

Ticker(s): DIOD