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Possible Bearish Inside Day Candle Pattern Detected for Scansource Inc (NASDAQ:SCSC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Scansource Inc (NASDAQ:SCSC) based on the price action in the company's shares. Yesterday's price range of $37.72 and $38.24 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 Scansource Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Scansource Inc (NASDAQ:SCSC) has potential upside of 9.3% based on a current price of $38.13 and analysts' consensus price target of $41.67. The stock should discover initial support at its 50-day moving average (MA) of $33.35 and subsequent support at its 200-day MA of $33.29.

Over the past year, Scansource Inc has traded in a range of $26.84 to $40.55 and closed yesterday at $38.13, 42% above that low. The 200-day and 50-day moving averages have moved 0.14% lower and 2.16% higher over the past week, respectively.

ScanSource, Inc. is a value-added wholesale distributor of specialty technology products to the reseller market. The Company provides automatic identification and point-of-sale products, as well as telephony and computer telephony integration products. ScanSource distributes its products in the United States and internationally.

SmarTrend recommended that subscribers consider buying shares of Scansource Inc on September 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.50. Since that recommendation, shares of Scansource Inc have risen 25.0%. We continue to monitor SCSC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle scansource inc

Ticker(s): SCSC