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Possible Bullish Inside Day Candle Pattern Detected for Harmonic Inc (NASDAQ:HLIT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Harmonic Inc (NASDAQ:HLIT) based on the price action in the company's shares. Yesterday's price range of $5.67 and $5.84 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 Harmonic 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.

Harmonic Inc. designs, manufactures, and markets digital and fiber optic systems. The Company's systems enable cable, satellite, and wireless operators to deliver video, Internet, telephony, and high-speed data services. Harmonic's transend digital product line combines and customizes content from a variety of sources.

Harmonic Inc (NASDAQ:HLIT) is currently priced 7.3% above its average consensus analyst price target of $5.50. The stock should hit resistance at its 200-day moving average (MA) of $6.99, as well as support at its 50-day MA of $5.93.

Over the past year, Harmonic Inc has traded in a range of $4.44 to $8.57 and closed yesterday at $5.93, 34% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.8%.

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

Keywords: bullish am inside day candle harmonic inc

Ticker(s): HLIT