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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in iRobot (NASDAQ:IRBT) based on the price action in the company's shares. Today's price range of $96.61 and $98.65 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 iRobot 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 share prices have moved between a 52-week high of $104.61 and a 52-week low of $16.25 and are now trading 505% above that low price at $98.26 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.6%.

Based on a current price of $98.26, iRobot is currently 42.4% above its average consensus analyst price target of $56.60. The stock should find initial support at its 50-day moving average (MA) of $34.53 and further support at its 200-day MA of $32.25.

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.

SmarTrend recommended that subscribers consider buying shares of iRobot on March 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.02. Since that recommendation, shares of iRobot have risen 55.2%. We continue to monitor IRBT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle iRobot

Ticker(s): IRBT