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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. Today's price range of $19.72 and $19.90 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 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.

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.

In the past 52 weeks, Mentor Graphics share prices have been bracketed by a low of $8.50 and a high of $28.09 and are now at $19.82, 133% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.5%.

Mentor Graphics has overhead space with shares priced $19.82, or 29.2% below the average consensus analyst price target of $28.00. Mentor Graphics shares should first meet resistance at the 50-day moving average (MA) of $19.95 and find additional resistance at the 200-day MA of $21.77.

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 inside day candle mentor graphics

Ticker(s): MENT