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Possible Bullish Inside Day Candle Pattern Detected for Iridium Communic (NASDAQ:IRDM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Iridium Communic (NASDAQ:IRDM) based on the price action in the company's shares. Yesterday's price range of $22.61 and $22.90 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 Iridium Communic may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Iridium Communic (NASDAQ:IRDM) is currently priced 31.9% above its average consensus analyst price target of $15.40. Iridium Communic shares should encounter resistance at the 50-day moving average (MA) of $26.32 and support at its 200-day MA of $21.94.

Iridium Communic share prices have moved between a 52-week high of $28.24 and a 52-week low of $10.75 and closed yesterday at 110% above that low price at $22.61 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.5%.

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage. Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

SmarTrend is monitoring the recent change of momentum in Iridium Communic. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Iridium Communic in search of a potential trend change.

Keywords: bullish am inside day candle iridium communic

Ticker(s): IRDM