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Possible Bullish Inside Day Candle Pattern Detected for Synaptics (NASDAQ:SYNA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Synaptics (NASDAQ:SYNA) based on the price action in the company's shares. Today's price range of $54.04 and $56.13 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 Synaptics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 79.9% for shares of Synaptics based on a current price of $55.79 and an average consensus analyst price target of $100.36. Synaptics shares should first meet resistance at the 200-day moving average (MA) of $78.51 and find additional resistance at the 50-day MA of $80.38.

Synaptics share prices have moved between a 52-week high of $102.50 and a 52-week low of $52.85 and are now trading 6% above that low price at $55.79 per share. The 200-day and 50-day moving averages have moved 0.44% lower and 1.21% lower over the past week, respectively.

Synaptics Incorporated develops custom-designed user interface solutions. The Company's solutions enable people to interact with a variety of mobile computing and communications devices. Synaptics offers a touch-sensitive pad that senses the position of a person's finger on its surface to provide screen navigation, cursor movement, and a platform of interactive input.

SmarTrend recommended that its subscribers protect gains by selling shares of Synaptics on April 29th, 2016 by issuing a Downtrend alert when the shares were trading at $70.23. Since that call, shares of Synaptics have fallen 23.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle synaptics

Ticker(s): SYNA