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Possible Bullish Inside Day Candle Pattern Detected for Navios Maritime Partners (NYSE:NMM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Navios Maritime Partners (NYSE:NMM) based on the price action in the company's shares. Today's price range of $1.20 and $1.26 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 Navios Maritime Partners may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Navios Maritime Partners (NYSE:NMM) has potential upside of 535.6% based on a current price of $1.25 and analysts' consensus price target of $7.94. Navios Maritime Partners shares should first meet resistance at the 50-day moving average (MA) of $1.44 and find additional resistance at the 200-day MA of $4.55.

Navios Maritime Partners LP offers maritime freight transportation. The Company is an international owner and operator of drybulk carriers.

In the past 52 weeks, shares of Navios Maritime Partners have traded between a low of $0.79 and a high of $13.00 and are now at $1.25, which is 58% above that low price. The 200-day and 50-day moving averages have moved 4.02% lower and 2.54% higher over the past week, respectively.

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

Keywords: bullish inside day candle navios maritime partners

Ticker(s): NMM