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Possible Bearish Inside Day Candle Pattern Detected for Cirrus Logic Inc (NASDAQ:CRUS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cirrus Logic Inc (NASDAQ:CRUS) based on the price action in the company's shares. Yesterday's price range of $75.10 and $77.59 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 Cirrus Logic Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Cirrus Logic Inc share prices have been bracketed by a low of $37.24 and a high of $91.63 and closed yesterday at $75.60, 103% above that low price. The 200-day and 50-day moving averages have moved 1.00% higher and 0.66% lower over the past week, respectively.

Cirrus Logic Inc (NASDAQ:CRUS) is currently priced 46.0% above its average consensus analyst price target of $40.86. The stock should discover initial support at its 50-day moving average (MA) of $66.03 and subsequent support at its 200-day MA of $65.47.

Cirrus Logic, Inc. is a fabless semiconductor company. The Company develops audio and voice IC and software solutions for mobile communications, automotive entertainment, and consumer audio applications. Cirrus Logic is headquartered in Austin, Texas.

SmarTrend is tracking the current trend status for Cirrus Logic Inc and will alert subscribers who have CRUS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle cirrus logic inc

Ticker(s): CRUS