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Possible Bullish Inside Day Candle Pattern Detected for Sina (NASDAQ:SINA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sina (NASDAQ:SINA) based on the price action in the company's shares. Today's price range of $74.23 and $75.36 is within yesterday'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 Sina may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

SINA Corporation is a global Internet media company operating Chinese-language destination sites. The Company offers a network of branded content and services targeting people of Chinese descent worldwide. SINA.com offers online news, entertainment, community, and commerce through web sites that are produced and updated by local teams in China, Hong Kong, Taiwan, and North America.

In the past 52 weeks, shares of Sina have traded between a low of $32.61 and a high of $85.24 and are now at $75.06, which is 130% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.3%.

Sina (NASDAQ:SINA) is currently priced 25.8% above its average consensus analyst price target of $55.70. The stock should discover initial support at its 50-day moving average (MA) of $47.71 and subsequent support at its 200-day MA of $45.07.

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

Keywords: bullish inside day candle

Ticker(s): SINA