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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Iridiummmunications (NASDAQ:IRDM) based on the price action in the company's shares. Today's price range of $7.21 and $7.33 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 Iridiummmunications may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Iridiummmunications have traded between a low of $5.25 and a high of $11.36 and are now at $7.24, which is 38% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

Iridium Communications, Inc. offers mobile satellite communications services.

Potential upside of 79.6% exists for Iridiummmunications, based on a current level of $7.24 and analysts' average consensus price target of $13.00. The stock should run into initial resistance at its 200-day moving average (MA) of $7.35 and subsequent resistance at its 50-day MA of $7.58.

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

Keywords: bullish inside day candle iridiummmunications

Ticker(s): IRDM