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Possible Bullish Inside Day Candle Pattern Detected for Flextronics International (NASDAQ:FLEX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Flextronics International (NASDAQ:FLEX) based on the price action in the company's shares. Yesterday's price range of $11.71 and $11.99 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 Flextronics International may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Flextronics International Ltd. provides electronics manufacturing services. The Company's customers include original equipment manufacturers in the telecommunications, networking, computer, consumer electronics, and medical device industries.

Flextronics International share prices have moved between a 52-week high of $13.23 and a 52-week low of $8.85 and closed yesterday at 34% above that low price at $11.85 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.1%.

Potential upside of 14.5% exists for Flextronics International, based on a current level of $11.85 and analysts' average consensus price target of $13.56. The stock should discover initial support at its 50-day moving average (MA) of $11.82 and subsequent support at its 200-day MA of $11.05.

SmarTrend recommended that subscribers consider buying shares of Flextronics International on January 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.51. Since that recommendation, shares of Flextronics International have risen 11.2%. We continue to monitor FLEX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle flextronics international

Ticker(s): FLEX