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Possible Bullish Inside Day Candle Pattern Detected for VeriSign (NASDAQ:VRSN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in VeriSign (NASDAQ:VRSN) based on the price action in the company's shares. Yesterday's price range of $76.48 and $77.06 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 VeriSign may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

VeriSign (NASDAQ:VRSN) has potential upside of 4.3% based on a current price of $76.57 and analysts' consensus price target of $79.83. VeriSign shares should first meet resistance at the 200-day moving average (MA) of $80.02 and find additional resistance at the 50-day MA of $88.32.

In the past 52 weeks, VeriSign share prices have been bracketed by a low of $61.31 and a high of $93.94 and closed yesterday at $76.57, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.3%.

VeriSign, Inc. provides Internet infrastructure services needed by websites, enterprises,electronic commerce providers, and individuals to conduct electronic commerce and communications over Internet protocol networks. The Company also provides Internet domain registration services for all all .com, .net, .cc, .tv, .name and .jobs domain namesand.

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

Keywords: bullish am inside day candle verisign

Ticker(s): VRSN