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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Equinix (NASDAQ:EQIX) based on the price action in the company's shares. Today's price range of $364.00 and $366.48 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 Equinix may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Equinix has traded in a range of $225.02 to $391.07 and is now at $366.23, 63% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.9%.

Equinix, Inc. provides core Internet exchange services to networks, Internet infrastructure companies, enterprises, and content providers. The Company operates Internet Business Exchange centers in several countries, where customers can interconnect with the providers that serve Internet networks and users for their peering, transit, and traffic exchange requirements.

There is potential upside of 13.0% for shares of Equinix based on a current price of $366.23 and an average consensus analyst price target of $413.93. Equinix shares have support at the 50-day moving average (MA) of $320.36 and additional support at the 200-day MA of $296.64.

SmarTrend recommended that subscribers consider buying shares of Equinix on December 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $351.49. Since that recommendation, shares of Equinix have risen 3.4%. We continue to monitor EQIX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle equinix

Ticker(s): EQIX