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Possible Bearish Inside Day Candle Pattern Detected for Zayo Group Holdi (NYSE:ZAYO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Zayo Group Holdi (NYSE:ZAYO) based on the price action in the company's shares. Yesterday's price range of $33.92 and $33.99 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 Zayo Group Holdi 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 Zayo Group Holdi have traded between a low of $20.27 and a high of $34.10 and closed yesterday at $33.95, which is 67% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has remained constant.

Zayo Group Holdings, Inc. is a global provider of bandwidth infrastructure services, including dark fiber, wavelengths, SONET, Ethernet, IP services, and carrier-neutral colocation and interconnection.

Zayo Group Holdi has overhead space with shares priced $33.95, or 19.6% below the average consensus analyst price target of $42.22. The stock should find initial support at its 50-day moving average (MA) of $33.82 and further support at its 200-day MA of $30.78.

SmarTrend is tracking the current trend status for Zayo Group Holdi and will alert subscribers who have ZAYO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle zayo group holdi

Ticker(s): ZAYO