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Possible Bullish Inside Day Candle Pattern Detected for Orbcomm Inc (NASDAQ:ORBC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Orbcomm Inc (NASDAQ:ORBC) based on the price action in the company's shares. Yesterday's price range of $3.93 and $4.07 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 Orbcomm Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Orbcomm Inc have traded between a low of $3.81 and a high of $11.25 and closed yesterday at $3.99, which is 5% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 1.3%.

ORBCOMM, Inc. offers wireless messaging services. The Company operates low earth orbit satellites and ground infrastructure that enable customers to track, monitor, control, and communicate with fixed and mobile assets located anywhere in the world.

Orbcomm Inc has overhead space with shares priced $3.99, or 71.0% below the average consensus analyst price target of $13.76. Orbcomm Inc shares should first meet resistance at the 50-day moving average (MA) of $4.77 and find additional resistance at the 200-day MA of $6.70.

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

Keywords: bullish am inside day candle orbcomm inc

Ticker(s): ORBC