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Possible Bullish Inside Day Candle Pattern Detected for Sonus Networks (NASDAQ:SONS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sonus Networks (NASDAQ:SONS) based on the price action in the company's shares. Yesterday's price range of $6.73 and $6.82 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 Sonus Networks may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Sonus Networks has traded in a range of $5.51 to $10.00 and closed yesterday at $6.77, 23% above that low. The 200-day and 50-day moving averages have moved 0.62% higher and 1.14% higher over the past week, respectively.

Sonus Networks, Inc. provides voice infrastructure products. The Company's hardware and software enables customers to deploy an integrated, packet-based network carrying both voice and data traffic. Sonus markets and sells its products to service providers, including long distance carriers, wholesale carriers, internet service providers, and cable operators.

Sonus Networks has overhead space with shares priced $6.77, or 23.1% below the average consensus analyst price target of $8.80. The stock should find initial resistance at its 200-day moving average (MA) of $6.84 and further resistance at its 50-day MA of $7.54.

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

Keywords: bullish am inside day candle Sonus Networks

Ticker(s): SONS