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Possible Bullish Inside Day Candle Pattern Detected for Silicon Labs (NASDAQ:SLAB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Silicon Labs (NASDAQ:SLAB) based on the price action in the company's shares. Yesterday's price range of $98.07 and $99.25 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 Silicon Labs may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Silicon Laboratories Inc. is a provider of silicon, software and solutions for the Internet of Things (IoT), internet infrastructure, industrial control, consumer and automotive markets. The Company solves problems in the electronics industry providing customers with significant performance, energy savings, connectivity and design simplicity.

In the past 52 weeks, shares of Silicon Labs have traded between a low of $73.13 and a high of $110.43 and closed yesterday at $98.79, which is 35% above that low price. The 200-day and 50-day moving averages have moved 0.04% higher and 1.15% higher over the past week, respectively.

There is potential upside of 11.8% for shares of Silicon Labs based on a current price of $98.79 and an average consensus analyst price target of $110.44. The stock should discover initial support at its 50-day moving average (MA) of $96.32 and subsequent support at its 200-day MA of $87.92.

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

Keywords: bullish am inside day candle silicon labs

Ticker(s): SLAB