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Possible Bullish Inside Day Candle Pattern Detected for Polycom (NASDAQ:PLCM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Polycom (NASDAQ:PLCM) based on the price action in the company's shares. Today's price range of $11.02 and $11.19 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 Polycom 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 Polycom have traded between a low of $8.79 and a high of $14.09 and are now at $11.11, which is 26% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

Potential upside of 26.1% exists for Polycom, based on a current level of $11.11 and analysts' average consensus price target of $14.00. The stock should run into initial resistance at its 50-day moving average (MA) of $11.34 and subsequent resistance at its 200-day MA of $11.52.

Polycom, Inc. develops, manufactures, and markets a line of video, voice, data and web conferencing collaboration solutions. The solutions include enterprise video and voice communications end-points, network infrastructure, management products, product maintenance and other professional services.

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

Keywords: bullish inside day candle Polycom

Ticker(s): PLCM