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Possible Bullish Inside Day Candle Pattern Detected for Unifi Inc (NYSE:UFI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Unifi Inc (NYSE:UFI) based on the price action in the company's shares. Yesterday's price range of $8.01 and $9.18 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 Unifi 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.

Unifi, Inc. textures polyester and nylon filament fiber to produce polyester and nylon, dyed, and spandex yarns covered with nylon and polyester. The Company sells its products to knitters and weavers that produce fabrics for the apparel, automotive upholstery, hosiery, home furnishings, industrial, and other end use markets.

Unifi Inc has overhead space with shares priced $8.82, or 78.0% below the average consensus analyst price target of $40.00. The stock should find initial resistance at its 50-day moving average (MA) of $21.09 and further resistance at its 200-day MA of $21.45.

In the past 52 weeks, shares of Unifi Inc have traded between a low of $7.48 and a high of $27.85 and closed yesterday at $8.82, which is 18% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 4.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Unifi Inc on March 5th, 2020 by issuing a Downtrend alert when the shares were trading at $19.85. Since that call, shares of Unifi Inc have fallen 59.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle unifi inc

Ticker(s): UFI