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

By Shiri Gupta

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 $52.06 and $53.69 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.

Irobot Corp (NASDAQ:IRBT) has potential upside of 46.3% based on a current price of $53.10 and analysts' consensus price target of $77.67. The stock should find resistance at its 200-day moving average (MA) of $67.25, as well as support at its 50-day MA of $50.06.

Irobot Corp share prices have moved between a 52-week high of $109.78 and a 52-week low of $40.69 and closed yesterday at 31% above that low price at $53.10 per share. Over the past week, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has advanced 0.8%.

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, the United States military, and other government agencies worldwide.

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