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Possible Bullish Inside Day Candle Pattern Detected for Sanmina Corp (NASDAQ:SANM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sanmina Corp (NASDAQ:SANM) based on the price action in the company's shares. Yesterday's price range of $31.69 and $32.02 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 Sanmina Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sanmina Corporation provides electronics contract manufacturing services to customers located around the world. The Company offers its customers expertise in new product introduction, manufacturing, and design and fabrication of complex interconnect products. Sanmina Corporation specializes in circuit fabrication, system assembly, integration, and high-end enclosures and cabling.

In the past 52 weeks, shares of Sanmina Corp have traded between a low of $22.30 and a high of $34.30 and closed yesterday at $31.91, which is 43% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Sanmina Corp has overhead space with shares priced $31.91, or 9.3% below the average consensus analyst price target of $35.20. Sanmina Corp shares have support at the 50-day moving average (MA) of $31.12 and additional support at the 200-day MA of $28.42.

SmarTrend is monitoring the recent change of momentum in Sanmina Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sanmina Corp in search of a potential trend change.

Keywords: bullish am inside day candle sanmina corp

Ticker(s): SANM