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Possible Bullish Inside Day Candle Pattern Detected for Infinera (NASDAQ:INFN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Infinera (NASDAQ:INFN) based on the price action in the company's shares. Today's price range of $10.30 and $10.55 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 Infinera may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Infinera Corporation manufactures digital optical telecommunications equipment. The Company uses photonic integrated circuits to create digital optical networks. Infinera markets its products to carriers, data service providers, and cable operators.

Infinera has overhead space with shares priced $10.38, or 60.7% below the average consensus analyst price target of $26.40. The stock should run into initial resistance at its 50-day moving average (MA) of $14.98 and subsequent resistance at its 200-day MA of $18.35.

Infinera share prices have moved between a 52-week high of $25.24 and a 52-week low of $4.33 and are now trading 140% above that low price at $10.38 per share. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 1.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Infinera on April 28th, 2016 by issuing a Downtrend alert when the shares were trading at $12.38. Since that call, shares of Infinera have fallen 17.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Infinera

Ticker(s): INFN