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Possible Bullish Inside Day Candle Pattern Detected for Finisar (NASDAQ:FNSR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Finisar (NASDAQ:FNSR) based on the price action in the company's shares. Today's price range of $16.95 and $17.17 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 Finisar may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Finisar Corporation provides fiber optic subsystems and network performance test systems which enable high-speed data communications over local area network and storage area networks. The Company's line of optical subsystems supports a variety of network applications, transmission speeds, distances, and mediums. Finisar also provides network performance test systems.

Finisar (NASDAQ:FNSR) is currently priced 7.3% above its average consensus analyst price target of $15.77. Finisar shares have support at the 50-day moving average (MA) of $16.88 and additional support at the 200-day MA of $14.30.

In the past 52 weeks, Finisar share prices have been bracketed by a low of $10.66 and a high of $23.14 and are now at $17.02, 60% above that low price. The 200-day and 50-day moving averages have moved 0.19% lower and 1.05% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Finisar. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Finisar in search of a potential trend change.

Keywords: bullish inside day candle finisar

Ticker(s): FNSR