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Possible Bullish Inside Day Candle Pattern Detected for Sanmina Corp (NASDAQ:SANM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sanmina Corp (NASDAQ:SANM) based on the price action in the company's shares. Yesterday's price range of $31.54 and $32.14 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 Sanmina 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, shares of Sanmina Corp have traded between a low of $26.10 and a high of $34.96 and closed yesterday at $32.11, which is 23% 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.

Sanmina Corporation provides electronics contract manufacturing services to customers located around the world. The Company offers its customers expertise in new product introduction, manufacturing, and design and fabrication of complex interconnect products. Sanmina Corporation specializes in circuit fabrication, system assembly, integration, and high-end enclosures and cabling.

Sanmina Corp has overhead space with shares priced $32.11, or 8.8% below the average consensus analyst price target of $35.20. The stock should hit resistance at its 50-day moving average (MA) of $33.24, as well as support at its 200-day MA of $31.29.

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

Keywords: bullish am inside day candle sanmina corp

Ticker(s): SANM