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Possible Bearish Inside Day Candle Pattern Detected for Iridium Communic (NASDAQ:IRDM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Iridium Communic (NASDAQ:IRDM) based on the price action in the company's shares. Yesterday's price range of $31.18 and $31.83 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 Iridium Communic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $31.83, Iridium Communic is currently 51.6% above its average consensus analyst price target of $15.40. The stock should discover initial support at its 50-day moving average (MA) of $25.74 and subsequent support at its 200-day MA of $24.33.

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage. Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

In the past 52 weeks, shares of Iridium Communic have traded between a low of $7.41 and a high of $32.08 and closed yesterday at $31.83, which is 330% above that low price. The 200-day and 50-day moving averages have moved 0.31% higher and 2.34% higher over the past week, respectively.

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

Keywords: bearish am inside day candle iridium communic

Ticker(s): IRDM