Possible Bullish Inside Day Candle Pattern Detected for Infinera (NASDAQ:INFN)
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 $8.41 and $8.52 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.
Over the past year, Infinera has traded in a range of $4.33 to $25.24 and is now at $8.49, 96% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 1.8%.
There is potential upside of 211.0% for shares of Infinera based on a current price of $8.49 and an average consensus analyst price target of $26.40. The stock should find initial resistance at its 50-day moving average (MA) of $14.98 and further resistance at its 200-day MA of $18.35.
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.
SmarTrend is tracking the current trend status for Infinera and will alert subscribers who have INFN in their portfolio or watchlist when shares have changed trend direction.
Keywords: bullish inside day candle Infinera