Possible Bearish Inside Day Candle Pattern Detected for Mellanox Technologies (NASDAQ:MLNX)

Published on Tue, 05/26/2015 - 07:40
By Adrienne Chilton in Candlestick, MLNX, bearish am inside day candle, mellanox technologies, nasdaq:mlnx

Analyzing the price chart for Mellanox Technologies (NASDAQ:MLNX) has revealed a potential bearish inside day candle pattern. Yesterday's price range of $50.37 and $51.21 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. Owners of Mellanox Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mellanox Technologies Ltd. designs and develops semiconductor-based, high-performance interconnect products. The Company's products facilitate data transmission between servers and storage systems through communications infrastructure equipment.

Mellanox Technologies has overhead space with shares priced $50.77, or 13.3% below the average consensus analyst price target of $58.54. The stock should discover initial support at its 50-day moving average (MA) of $47.24 and subsequent support at its 200-day MA of $44.64.

In the past 52 weeks, shares of Mellanox Technologies have traded between a low of $24.51 and a high of $120.05 and closed yesterday at $50.77, which is 107% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.9%.

By Adrienne Chilton
achilton@fnno.com

Latest News from FNNO

Shares of Aeropostale Fall to a New 52-W...

Shares of Aeropostale (NYSE:ARO) traded today at $0.86, breaking its 52-week low. So f ...

Volume Spike Detected in Shares of Home ...

Home Properties's stock is up 0.1% to $74.40 on heavy trading volume. Today's volume o ...

Volume Spike Detected in Shares of Bank ...

Bank of Nova Scotia shares are trading on heavy volume today, having fallen 0.9% to $44 ...

Sellers Reduce Exposure to Shares of Ban...

Shares of Banco Bradesco are trading today in above average volume, with the share pric ...

Volume Spike Detected in Shares of Affil...

Affiliated Managers's stock is down 0.6% to $187.88 on heavy trading volume. About 512 ...

Buyers Accumulating Shares of Mueller Wa...

Shares of Mueller Water Products are trading today in above average volume, with the sh ...

Werner Enterprises Trading Higher on 1.3...

Shares of Werner Enterprises are trading up 1.3% to $26.80 today on above average volum ...

Volume Spike Detected in Shares of Chevr...

The price of Chevron shares has climbed to $80.94 (a 4.3% change) on heavy trading volu ...