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Possible Bearish Inside Day Candle Pattern Detected for Iridex Corp (NASDAQ:IRIX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Iridex Corp (NASDAQ:IRIX) based on the price action in the company's shares. Yesterday's price range of $3.05 and $3.49 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 Iridex Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 129.5% for shares of Iridex Corp based on a current price of $3.05 and an average consensus analyst price target of $7.00. The stock should find resistance at its 200-day moving average (MA) of $3.29, as well as support at its 50-day MA of $2.29.

IRIDEX Corporation provides semiconductor-based laser systems used to treat eye disease and skin lesions. The Company's products are sold around the world. IRIDEX markets its medical products to the ophthalmic market and the dermatological market, and light solutions to the research market.

Iridex Corp share prices have moved between a 52-week high of $16.39 and a 52-week low of $1.98 and closed yesterday at 54% above that low price at $3.05 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has slid 0.7%.

SmarTrend recommended that subscribers consider buying shares of Iridex Corp on November 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.21. Since that recommendation, shares of Iridex Corp have risen 58.8%. We continue to monitor IRIX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle iridex corp

Ticker(s): IRIX