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Possible Bearish Inside Day Candle Pattern Detected for Arrow Electronic (NYSE:ARW)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Arrow Electronic (NYSE:ARW) based on the price action in the company's shares. Yesterday's price range of $63.30 and $65.15 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 Arrow Electronic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Arrow Electronics, Inc. distributes electronic components and computer products to industrial and commercial customers. The Company offers a variety of products including computer systems, peripherals, software, and mass storage products to original equipment manufacturers and commercial customers worldwide.

In the past 52 weeks, Arrow Electronic share prices have been bracketed by a low of $39.25 and a high of $85.80 and closed yesterday at $64.24, 64% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

Arrow Electronic has overhead space with shares priced $64.24, or 28.1% below the average consensus analyst price target of $89.33. Arrow Electronic shares should encounter resistance at the 200-day moving average (MA) of $71.81 and support at the 50-day MA of $56.51.

SmarTrend is tracking the current trend status for Arrow Electronic and will alert subscribers who have ARW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle arrow electronic

Ticker(s): ARW