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Possible Bullish Inside Day Candle Pattern Detected for Mentor Graphics (NASDAQ:MENT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mentor Graphics (NASDAQ:MENT) based on the price action in the company's shares. Yesterday's price range of $20.45 and $20.76 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 Mentor Graphics 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, Mentor Graphics has traded in a range of $8.50 to $28.09 and closed yesterday at $20.61, 142% above that low. The 200-day and 50-day moving averages have moved 0.55% lower and 0.47% higher over the past week, respectively.

There is potential upside of 35.9% for shares of Mentor Graphics based on a current price of $20.61 and an average consensus analyst price target of $28.00. The stock should find resistance at its 200-day moving average (MA) of $21.77, as well as support at its 50-day MA of $19.95.

Mentor Graphics Corporation manufactures, markets, and supports software and hardware electronic design automation products. The Company provides related services which enable engineers to design, analyze, simulate, model, implement, and verify the components of electronic systems.

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

Keywords: bullish am inside day candle mentor graphics

Ticker(s): MENT