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Possible Bullish Inside Day Candle Pattern Detected for Sony (NYSE:SNE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sony (NYSE:SNE) based on the price action in the company's shares. Today's price range of $32.97 and $33.16 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 Sony may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sony (NYSE:SNE) has potential upside of 3.7% based on a current price of $33.09 and analysts' consensus price target of $34.30. Sony shares have support at the 200-day moving average (MA) of $25.27 and additional support at the 50-day MA of $25.02.

In the past 52 weeks, shares of Sony have traded between a low of $19.90 and a high of $34.17 and are now at $33.09, which is 66% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.3%.

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets. The Company's other businesses include music, pictures, computer entertainment, and online businesses.

SmarTrend recommended that subscribers consider buying shares of Sony on May 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.31. Since that recommendation, shares of Sony have risen 26.2%. We continue to monitor SNE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Sony

Ticker(s): SNE