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Possible Bullish Inside Day Candle Pattern Detected for Synchronoss Tech (NASDAQ:SNCR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Synchronoss Tech (NASDAQ:SNCR) based on the price action in the company's shares. Yesterday's price range of $5.86 and $5.86 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 Synchronoss Tech may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Synchronoss Technologies, Inc. provides e-commerce transaction management solutions to the communications services marketplace.

Synchronoss Tech (NASDAQ:SNCR) has potential upside of 130.4% based on a current price of $5.86 and analysts' consensus price target of $13.50. The stock should find initial resistance at its 200-day moving average (MA) of $6.31 and further resistance at its 50-day MA of $7.44.

Synchronoss Tech share prices have moved between a 52-week high of $12.12 and a 52-week low of $3.90 and closed yesterday at 50% above that low price at $5.86 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

SmarTrend is monitoring the recent change of momentum in Synchronoss Tech. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Synchronoss Tech in search of a potential trend change.

Keywords: bullish am inside day candle synchronoss tech

Ticker(s): SNCR