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Possible Bullish Inside Day Candle Pattern Detected for Ambarella Inc (NASDAQ:AMBA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ambarella Inc (NASDAQ:AMBA) based on the price action in the company's shares. Yesterday's price range of $60.60 and $61.50 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. Traders and investors interested in shares of Ambarella Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ambarella Inc (NASDAQ:AMBA) defies analysts with a current price ($60.65) 11.1% above its average consensus price target of $53.93. Ambarella Inc shares have support at the 50-day moving average (MA) of $58.07 and additional support at the 200-day MA of $51.60.

Ambarella, Inc. manufactures high definition video compression and image processing semiconductors. The Company products used in digital still cameras, camcorders, and video-enabled mobile phones.

Over the past year, Ambarella Inc has traded in a range of $35.50 to $67.15 and closed yesterday at $60.65, 71% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

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

Keywords: bullish am inside day candle ambarella inc

Ticker(s): AMBA