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Possible Bearish Inside Day Candle Pattern Detected for Monolithic Power (NASDAQ:MPWR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Monolithic Power (NASDAQ:MPWR) based on the price action in the company's shares. Yesterday's price range of $207.37 and $211.16 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 Monolithic Power may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Monolithic Power has traded in a range of $114.84 to $211.81 and closed yesterday at $210.50, 83% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.7%.

Monolithic Power Systems, Inc. designs and manufactures power management solutions. The Company provides power conversion, LED lighting, load switches, cigarette lighter adapters, chargers, position sensors, analog input, and other electrical components. Monolithic Power Systems serves customers globally.

Based on a current price of $210.50, Monolithic Power is currently 37.0% above its average consensus analyst price target of $132.57. The stock should find initial support at its 50-day moving average (MA) of $172.45 and further support at its 200-day MA of $165.08.

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

Keywords: bearish am inside day candle monolithic power

Ticker(s): MPWR