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Possible Bullish Inside Day Candle Pattern Detected for Plantronics Inc (NYSE:PLT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Plantronics Inc (NYSE:PLT) based on the price action in the company's shares. Yesterday's price range of $59.23 and $60.33 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 Plantronics 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.

Plantronics, Inc. designs, manufactures, and markets lightweight communications headsets and headset accessories and services. The Company also manufactures and markets specialty telephone products, such as amplified telephone headsets and specialty telephones for hearing-impaired users, and noise-cancelling headsets for use in high-noise environments.

In the past 52 weeks, Plantronics Inc share prices have been bracketed by a low of $42.91 and a high of $82.28 and closed yesterday at $59.88, 40% above that low price. The 200-day and 50-day moving averages have moved 0.26% higher and 2.26% lower over the past week, respectively.

Plantronics Inc has overhead space with shares priced $59.88, or 14.5% below the average consensus analyst price target of $70.00. The stock should run into initial resistance at its 200-day moving average (MA) of $63.45 and subsequent resistance at its 50-day MA of $67.87.

SmarTrend recommended that its subscribers protect gains by selling shares of Plantronics Inc on July 19th, 2018 by issuing a Downtrend alert when the shares were trading at $74.12. Since that call, shares of Plantronics Inc have fallen 20.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle plantronics inc

Ticker(s): PLT