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Possible Bullish Inside Day Candle Pattern Detected for Scansource Inc (NASDAQ:SCSC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Scansource Inc (NASDAQ:SCSC) based on the price action in the company's shares. Yesterday's price range of $27.24 and $27.71 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 Scansource 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.

In the past 52 weeks, Scansource Inc share prices have been bracketed by a low of $26.88 and a high of $44.30 and closed yesterday at $27.65, 3% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 1.1%.

Scansource Inc (NASDAQ:SCSC) has potential upside of 50.7% based on a current price of $27.65 and analysts' consensus price target of $41.67. The stock should run into initial resistance at its 50-day moving average (MA) of $31.68 and subsequent resistance at its 200-day MA of $34.95.

ScanSource, Inc. is a value-added wholesale distributor of specialty technology products to the reseller market. The Company provides automatic identification and point-of-sale products, as well as telephony and computer telephony integration products. ScanSource distributes its products in the United States and internationally.

SmarTrend recommended that its subscribers protect gains by selling shares of Scansource Inc on August 5th, 2019 by issuing a Downtrend alert when the shares were trading at $31.01. Since that call, shares of Scansource Inc have fallen 13.2%. 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 scansource inc

Ticker(s): SCSC