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Possible Bearish Inside Day Candle Pattern Detected for Skyworks Solutio (NASDAQ:SWKS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Skyworks Solutio (NASDAQ:SWKS) based on the price action in the company's shares. Yesterday's price range of $121.05 and $121.90 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 Skyworks Solutio may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $122.59, Skyworks Solutio is currently 6.8% above its average consensus analyst price target of $114.24. The stock should discover initial support at its 50-day moving average (MA) of $116.82 and subsequent support at its 200-day MA of $90.63.

Skyworks Solutio share prices have moved between a 52-week high of $128.48 and a 52-week low of $66.29 and closed yesterday at 85% above that low price at $122.59 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.5%.

Skyworks Solutions, Inc. a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications. The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

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

Keywords: bearish am inside day candle skyworks solutio

Ticker(s): SWKS