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Possible Bullish Inside Day Candle Pattern Detected for Boingo Wireless (NASDAQ:WIFI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Boingo Wireless (NASDAQ:WIFI) based on the price action in the company's shares. Yesterday's price range of $9.37 and $9.71 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 Boingo Wireless may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Boingo Wireless (NASDAQ:WIFI) has potential upside of 223.9% based on a current price of $9.48 and analysts' consensus price target of $30.72. Boingo Wireless shares should first meet resistance at the 50-day moving average (MA) of $11.94 and find additional resistance at the 200-day MA of $18.95.

In the past 52 weeks, Boingo Wireless share prices have been bracketed by a low of $9.24 and a high of $34.59 and closed yesterday at $9.48, 3% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 4.4%.

Boingo Wireless, Inc., together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices.

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

Keywords: bullish am inside day candle boingo wireless

Ticker(s): WIFI