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Possible Bullish Inside Day Candle Pattern Detected for Integrated Device Technology (NASDAQ:IDTI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Integrated Device Technology (NASDAQ:IDTI) based on the price action in the company's shares. Today's price range of $18.75 and $19.04 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 Integrated Device Technology may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 63.3% exists for Integrated Device Technology, based on a current level of $18.78 and analysts' average consensus price target of $30.67. The stock should run into initial resistance at its 50-day moving average (MA) of $20.12 and subsequent resistance at its 200-day MA of $21.96.

Integrated Device Technology, Inc. designs, develops, manufactures, and markets a variety of semiconductor products and modules. Applications for the Company's products include data and telecommunications equipment, storage area networks, networked peripherals and servers, and personal computers. The Company markets its products on a worldwide basis primarily to original equipment manufacturers.

In the past 52 weeks, shares of Integrated Device Technology have traded between a low of $4.60 and a high of $29.04 and are now at $18.78, which is 308% above that low price. The 200-day and 50-day moving averages have moved 0.04% lower and 0.64% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Integrated Device Technology and will alert subscribers who have IDTI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle integrated device technology

Ticker(s): IDTI