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Possible Bearish Inside Day Candle Pattern Detected for Plexus Corp (NASDAQ:PLXS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Plexus Corp (NASDAQ:PLXS) based on the price action in the company's shares. Yesterday's price range of $57.97 and $59.66 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 Plexus Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Plexus Corp (NASDAQ:PLXS) has potential upside of 9.6% based on a current price of $59.01 and analysts' consensus price target of $64.67. Plexus Corp shares should encounter resistance at the 200-day moving average (MA) of $65.70 and support at the 50-day MA of $58.80.

Over the past year, Plexus Corp has traded in a range of $35.16 to $86.53 and closed yesterday at $59.01, 68% above that low. The 200-day and 50-day moving averages have moved 0.06% lower and 2.61% lower over the past week, respectively.

Plexus Corp. is a participant in the electronics manufacturing services (EMS) industry, providing product design, supply chain, materials management, manufacturing, test, fulfillment, and aftermarket solutions to branded product companies in the wireline and networking, wireless infrastructure, medical, industrial and commercial, defense, security, and aerospace market sectors.

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

Keywords: bearish am inside day candle plexus corp

Ticker(s): PLXS