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Possible Bullish Inside Day Candle Pattern Detected for Irobot Corp (NASDAQ:IRBT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Irobot Corp (NASDAQ:IRBT) based on the price action in the company's shares. Yesterday's price range of $44.93 and $45.50 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 Irobot Corp 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, Irobot Corp has traded in a range of $46.60 to $132.88 and closed yesterday at $45.45, -2% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 2.1%.

iRobot Corporation manufactures robots that vacuum and wash floors and perform battlefield reconnaissance and bomb disposal. The Company markets its products to consumers through retailers, and to the United States military and other government agencies worldwide.

Potential upside of 70.9% exists for Irobot Corp, based on a current level of $45.45 and analysts' average consensus price target of $77.67. Irobot Corp shares should first meet resistance at the 50-day moving average (MA) of $56.27 and find additional resistance at the 200-day MA of $87.53.

SmarTrend is tracking the current trend status for Irobot Corp and will alert subscribers who have IRBT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle irobot corp

Ticker(s): IRBT