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Possible Bullish Inside Day Candle Pattern Detected for Symantec (NASDAQ:SYMC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Symantec (NASDAQ:SYMC) based on the price action in the company's shares. Yesterday's price range of $24.10 and $24.39 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 Symantec may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Symantec have traded between a low of $16.14 and a high of $26.16 and closed yesterday at $24.19, which is 50% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.3%.

Symantec Corporation provides security, storage and systems management solutions to help businesses and consumers secure and manage their information. The Company offers software and services that protect, manage and control information risks related to security, data protection, storage, compliance and management.

Symantec (NASDAQ:SYMC) is currently priced 2.6% above its average consensus analyst price target of $23.57. Symantec shares have support at the 200-day moving average (MA) of $19.87 and additional support at the 50-day MA of $18.21.

SmarTrend recommended that subscribers consider buying shares of Symantec on June 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.69. Since that recommendation, shares of Symantec have risen 16.4%. We continue to monitor SYMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Symantec

Ticker(s): SYMC