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Possible Bullish Inside Day Candle Pattern Detected for Sigma Designs (NASDAQ:SIGM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sigma Designs (NASDAQ:SIGM) based on the price action in the company's shares. Yesterday's price range of $6.53 and $6.63 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 Sigma Designs may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sigma Designs (NASDAQ:SIGM) has potential upside of 104.8% based on a current price of $6.55 and analysts' consensus price target of $13.42. The stock should run into initial resistance at its 50-day moving average (MA) of $6.87 and subsequent resistance at its 200-day MA of $7.65.

Sigma Designs share prices have moved between a 52-week high of $12.83 and a 52-week low of $5.41 and closed yesterday at 21% above that low price at $6.55 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 0.3%.

Sigma Designs, Inc. designs, manufactures, and markets high-performance, System-on-a-Chip (SoC) semiconductors. The Company serves markets that include IPTV Set-top Boxes, Blu-ray players, HDTV's, digital media players, and ultra-wideband connectivity markets.

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

Keywords: bullish am inside day candle sigma designs

Ticker(s): SIGM