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Possible Bullish Inside Day Candle Pattern Detected for Tech Data (NASDAQ:TECD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tech Data (NASDAQ:TECD) based on the price action in the company's shares. Yesterday's price range of $84.02 and $85.13 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 Tech Data may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Tech Data Corporation is a full-line distributor of technology products. The Company serves resellers in the United States, Canada, the Caribbean, Latin America, Europe, and the Middle East. Tech Data also provides pre- and post-sale training, service, and support, as well as configuration and assembly services and electronic commerce solutions.

In the past 52 weeks, Tech Data share prices have been bracketed by a low of $54.24 and a high of $88.70 and closed yesterday at $84.71, 56% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.7% while the 200-day MA has risen 0.2%.

Tech Data (NASDAQ:TECD) is currently priced 20.9% above its average consensus analyst price target of $67.00. Tech Data shares have support at the 50-day moving average (MA) of $73.48 and additional support at the 200-day MA of $68.29.

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

Keywords: bullish am inside day candle tech data

Ticker(s): TECD