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Possible Bullish Inside Day Candle Pattern Detected for Level 3 Communications (NYSE:LVLT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Level 3 Communications (NYSE:LVLT) based on the price action in the company's shares. Today's price range of $51.46 and $52.00 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 Level 3 Communications may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Level 3 Communications, Inc. provides telecommunications and information services, including local, long distance, and data transmission. The Company also provides other enhanced communications and Internet services, and is involved in coal mining businesses.

Level 3 Communications (NYSE:LVLT) has potential upside of 16.1% based on a current price of $51.75 and analysts' consensus price target of $60.08. The stock should hit resistance at its 50-day moving average (MA) of $52.01, as well as support at its 200-day MA of $49.42.

Over the past year, Level 3 Communications has traded in a range of $40.86 to $57.59 and is now at $51.75, 27% above that low. The 200-day and 50-day moving averages have moved 0.07% lower and 0.47% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Level 3 Communications. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Level 3 Communications in search of a potential trend change.

Keywords: bullish inside day candle level 3 communications

Ticker(s): LVLT