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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Plantronics (NYSE:PLT) based on the price action in the company's shares. Yesterday's price range of $41.55 and $42.17 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 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, Plantronics share prices have been bracketed by a low of $32.13 and a high of $58.73 and closed yesterday at $42.08, 31% above that low price. The 200-day and 50-day moving averages have moved 0.68% lower and 0.84% higher over the past week, respectively.

Potential upside of 41.6% exists for Plantronics, based on a current level of $42.08 and analysts' average consensus price target of $59.60. The stock should find resistance at its 200-day moving average (MA) of $46.89, as well as support at its 50-day MA of $38.27.

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.

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

Keywords: bullish am inside day candle plantronics

Ticker(s): PLT