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Possible Bullish Inside Day Candle Pattern Detected for Equinix Inc (NASDAQ:EQIX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Equinix Inc (NASDAQ:EQIX) based on the price action in the company's shares. Yesterday's price range of $528.11 and $534.06 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 Equinix 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.

Equinix, Inc. operates as a real estate investment trust. The Company invests in interconnected data centers. Equinix focuses on developing network and cloud-neutral data center platform for cloud and information technology, enterprises, network, and mobile services providers, as well as for financial companies.

In the past 52 weeks, shares of Equinix Inc have traded between a low of $335.29 and a high of $584.50 and closed yesterday at $530.91, which is 58% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has declined 0.2%.

Based on a current price of $530.91, Equinix Inc is currently 5.4% above its average consensus analyst price target of $502.37. The stock should hit resistance at its 50-day moving average (MA) of $562.54, as well as support at its 200-day MA of $496.19.

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

Keywords: bullish am inside day candle equinix inc

Ticker(s): EQIX