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Possible Bearish Inside Day Candle Pattern Detected for Unifi Inc (NYSE:UFI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Unifi Inc (NYSE:UFI) based on the price action in the company's shares. Yesterday's price range of $10.00 and $10.25 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 Unifi Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Unifi, Inc. textures polyester and nylon filament fiber to produce polyester and nylon, dyed, and spandex yarns covered with nylon and polyester. The Company sells its products to knitters and weavers that produce fabrics for the apparel, automotive upholstery, hosiery, home furnishings, industrial, and other end use markets.

Unifi Inc has overhead space with shares priced $10.28, or 74.3% below the average consensus analyst price target of $40.00. The stock should find initial resistance at its 50-day moving average (MA) of $16.92 and further resistance at its 200-day MA of $20.87.

In the past 52 weeks, shares of Unifi Inc have traded between a low of $7.48 and a high of $27.85 and closed yesterday at $10.28, which is 37% above that low price. The 200-day and 50-day moving averages have moved 0.36% lower and 2.4% lower over the past week, respectively.

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

Keywords: bearish am inside day candle unifi inc

Ticker(s): UFI