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Possible Bearish Inside Day Candle Pattern Detected for Synnex Corp (NYSE:SNX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Synnex Corp (NYSE:SNX) based on the price action in the company's shares. Yesterday's price range of $84.98 and $87.85 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 Synnex Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 61.0% exists for Synnex Corp, based on a current level of $87.56 and analysts' average consensus price target of $141.00. The stock should find initial resistance at its 50-day moving average (MA) of $91.69 and further resistance at its 200-day MA of $108.91.

SYNNEX Corporation provides information technology supply chain services. The Company offers services to original equipment manufacturers and software publishers worldwide. SYNNEX offers product distribution, related logistics services, and contract assembly.

In the past 52 weeks, shares of Synnex Corp have traded between a low of $52.06 and a high of $153.07 and closed yesterday at $87.56, which is 68% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 4.9%.

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

Keywords: bearish am inside day candle synnex corp

Ticker(s): SNX