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Possible Bearish Inside Day Candle Pattern Detected for Zagg Inc (NASDAQ:ZAGG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Zagg Inc (NASDAQ:ZAGG) based on the price action in the company's shares. Yesterday's price range of $7.73 and $7.91 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 Zagg Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Zagg Inc have traded between a low of $5.15 and a high of $15.70 and closed yesterday at $7.86, which is 53% 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 advanced 0.2%.

Potential upside of 138.5% exists for Zagg Inc, based on a current level of $7.86 and analysts' average consensus price target of $18.75. The stock should find resistance at its 50-day moving average (MA) of $7.92, as well as support at its 200-day MA of $7.20.

Zagg Incorporated designs, manufactures, and distributes mobile phone accessories. The Company offers protective coverings, audio accessories, and power solutions for consumer electronics and hand-held devices. Zagg serves clients globally.

SmarTrend recommended that subscribers consider buying shares of Zagg Inc on October 23rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.04. Since that recommendation, shares of Zagg Inc have risen 12.7%. We continue to monitor ZAGG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle zagg inc

Ticker(s): ZAGG