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Possible Bullish Inside Day Candle Pattern Detected for Qorvo Inc (NASDAQ:QRVO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Qorvo Inc (NASDAQ:QRVO) based on the price action in the company's shares. Yesterday's price range of $62.86 and $63.74 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 Qorvo 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.

Qorvo Inc, designs, develops, manufactures, and markets a variety of high performance analog and mixed signal integrated circuits for the communications markets. The Company's products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security, and remote meter reading.

There is potential upside of 27.5% for shares of Qorvo Inc based on a current price of $63.31 and an average consensus analyst price target of $80.70. The stock should run into initial resistance at its 200-day moving average (MA) of $69.03 and subsequent resistance at its 50-day MA of $70.64.

In the past 52 weeks, shares of Qorvo Inc have traded between a low of $54.74 and a high of $86.84 and closed yesterday at $63.31, which is 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Qorvo Inc on May 13th, 2019 by issuing a Downtrend alert when the shares were trading at $71.75. Since that call, shares of Qorvo Inc have fallen 12.5%. 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 qorvo inc

Ticker(s): QRVO