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Possible Bullish Inside Day Candle Pattern Detected for Digimarc Corp (NASDAQ:DMRC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Digimarc Corp (NASDAQ:DMRC) based on the price action in the company's shares. Yesterday's price range of $11.13 and $12.80 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 Digimarc Corp 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, Digimarc Corp share prices have been bracketed by a low of $10.77 and a high of $66.50 and closed yesterday at $11.58, 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.9% while the 50-day MA has declined 5.7%.

Potential upside of 257.8% exists for Digimarc Corp, based on a current level of $11.58 and analysts' average consensus price target of $41.43. The stock should run into initial resistance at its 50-day moving average (MA) of $29.45 and subsequent resistance at its 200-day MA of $38.44.

Digimarc Corporation provides digital watermarking technologies that allow imperceptible digital code to be embedded in printed and digital versions of visual content. Content includes movies, photographic and artistic images, and valuable documents such as financial instruments, passports, and tickets.

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

Keywords: bullish am inside day candle digimarc corp

Ticker(s): DMRC