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Possible Bearish Inside Day Candle Pattern Detected for Arista Networks (NYSE:ANET)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Arista Networks (NYSE:ANET) based on the price action in the company's shares. Yesterday's price range of $189.78 and $196.16 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. Owners of Arista Networks may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Arista Networks Inc. provides cloud networking solutions for data-centers and computer environments. The Company offers ethernet switches, pass-through cards, transceivers, and enhanced operating systems. Arista Networks also provides host adapter solutions and networking services. Arista Networks markets its products worldwide.

In the past 52 weeks, shares of Arista Networks have traded between a low of $156.63 and a high of $331.27 and closed yesterday at $191.29, which is 22% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.2%.

Potential upside of 45.3% exists for Arista Networks, based on a current level of $191.29 and analysts' average consensus price target of $277.92. The stock should run into initial resistance at its 50-day moving average (MA) of $207.88 and subsequent resistance at its 200-day MA of $223.85.

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

Keywords: bearish am inside day candle arista networks

Ticker(s): ANET