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

By Amy Schwartz

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 $25.90 and $26.48 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 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 has overhead space with shares priced $26.04, or 36.3% below the average consensus analyst price target of $40.85. The stock should find initial support at its 50-day moving average (MA) of $16.88 and further support at its 200-day MA of $14.30.

Finisar share prices have moved between a 52-week high of $36.85 and a 52-week low of $10.66 and are now trading 144% above that low price at $26.04 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.2%.

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