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Possible Bearish Inside Day Candle Pattern Detected for Innerworkings In (NASDAQ:INWK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Innerworkings In (NASDAQ:INWK) based on the price action in the company's shares. Yesterday's price range of $1.63 and $1.95 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 Innerworkings In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

InnerWorkings, Inc. provides print procurement solutions to corporate clients in the United States. The Company, utilizes its proprietary software applications and database to create solutions that store, analyze, and track the production capabilities of its supplier networks, as well as quote and price data for bids and print jobs.

Over the past year, Innerworkings In has traded in a range of $0.87 to $5.81 and closed yesterday at $1.77, 103% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 8.7%.

There is potential upside of 668.4% for shares of Innerworkings In based on a current price of $1.77 and an average consensus analyst price target of $13.60. The stock should run into initial resistance at its 50-day moving average (MA) of $1.92 and subsequent resistance at its 200-day MA of $3.85.

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

Keywords: bearish am inside day candle innerworkings in

Ticker(s): INWK