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Possible Bearish Inside Day Candle Pattern Detected for Sunpower Corp (NASDAQ:SPWR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sunpower Corp (NASDAQ:SPWR) based on the price action in the company's shares. Yesterday's price range of $7.33 and $7.62 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 Sunpower Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sunpower Corp has overhead space with shares priced $7.35, or 13.0% below the average consensus analyst price target of $8.45. The stock should hit resistance at its 200-day moving average (MA) of $9.28, as well as support at its 50-day MA of $6.81.

Sunpower Corp share prices have moved between a 52-week high of $16.04 and a 52-week low of $4.03 and closed yesterday at 82% above that low price at $7.35 per share. The 200-day and 50-day moving averages have moved 1.05% lower and 2.22% lower over the past week, respectively.

SunPower Corporation is an integrated solar products and services company. The Company designs, manufactures, and markets high-performance solar electric power technologies. SunPower serves customers worldwide.

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

Keywords: bearish am inside day candle sunpower corp

Ticker(s): SPWR