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Possible Bearish Inside Day Candle Pattern Detected for Logmein Inc (NASDAQ:LOGM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Logmein Inc (NASDAQ:LOGM) based on the price action in the company's shares. Yesterday's price range of $78.02 and $80.80 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 Logmein Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Logmein Inc (NASDAQ:LOGM) has potential upside of 79.9% based on a current price of $78.22 and analysts' consensus price target of $140.70. Logmein Inc shares have support at the 200-day moving average (MA) of $75.68 and additional support at the 50-day MA of $69.37.

LogMeIn, Inc. offers remote connectivity services to computers for mobile professionals, and help desk and systems administrators worldwide.

In the past 52 weeks, shares of Logmein Inc have traded between a low of $62.02 and a high of $96.87 and closed yesterday at $78.22, which is 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.3%.

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

Keywords: bearish am inside day candle logmein inc

Ticker(s): LOGM