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Possible Bearish Inside Day Candle Pattern Detected for Qorvo Inc (NASDAQ:QRVO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Qorvo Inc (NASDAQ:QRVO) based on the price action in the company's shares. Yesterday's price range of $97.68 and $98.43 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 Qorvo Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Qorvo Inc (NASDAQ:QRVO) defies analysts with a current price ($98.03) 17.7% above its average consensus price target of $80.70. The stock should discover initial support at its 200-day moving average (MA) of $90.43 and subsequent support at its 50-day MA of $86.76.

In the past 52 weeks, Qorvo Inc share prices have been bracketed by a low of $58.52 and a high of $122.37 and closed yesterday at $98.03, 68% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has declined 1%.

Qorvo Inc, designs, develops, manufactures, and markets a variety of high performance analog and mixed signal integrated circuits for the communications markets. The Company's products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security, and remote meter reading.

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

Keywords: bearish am inside day candle qorvo inc

Ticker(s): QRVO