• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Lumentum Hol (NASDAQ:LITE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lumentum Hol (NASDAQ:LITE) based on the price action in the company's shares. Yesterday's price range of $53.07 and $54.03 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 Lumentum Hol may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Lumentum Hol has overhead space with shares priced $53.56, or 34.4% below the average consensus analyst price target of $81.67. The stock should hit resistance at its 50-day moving average (MA) of $57.21, as well as support at its 200-day MA of $51.90.

Over the past year, Lumentum Hol has traded in a range of $37.00 to $63.95 and closed yesterday at $53.56, 45% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

Lumentum Holdings Inc. operates as a holding company. The Company, through its subsidiaries, supplies optical and photonic products. Lumentum Holdings serves customers worldwide.

SmarTrend recommended that subscribers consider buying shares of Lumentum Hol on June 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $49.45. Since that recommendation, shares of Lumentum Hol have risen 6.8%. We continue to monitor LITE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle lumentum hol

Ticker(s): LITE