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Possible Bullish Inside Day Candle Pattern Detected for Cirrus Logic Inc (NASDAQ:CRUS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cirrus Logic Inc (NASDAQ:CRUS) based on the price action in the company's shares. Yesterday's price range of $39.48 and $39.64 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 Cirrus Logic 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.

In the past 52 weeks, Cirrus Logic Inc share prices have been bracketed by a low of $31.25 and a high of $50.12 and closed yesterday at $39.48, 26% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Cirrus Logic Inc has overhead space with shares priced $39.48, or 3.4% below the average consensus analyst price target of $40.86. The stock should run into initial resistance at its 200-day moving average (MA) of $40.02 and subsequent resistance at its 50-day MA of $44.48.

Cirrus Logic, Inc. is a fabless semiconductor company. The Company develops audio and voice IC and software solutions for mobile communications, automotive entertainment, and consumer audio applications. Cirrus Logic is headquartered in Austin, Texas.

SmarTrend is monitoring the recent change of momentum in Cirrus Logic Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cirrus Logic Inc in search of a potential trend change.

Keywords: bullish am inside day candle cirrus logic inc

Ticker(s): CRUS