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

Published on Thu, 03/14/2013 - 07:29
By Adrienne Chilton

Analyzing the price chart for Mellanox Technologies (NASDAQ:MLNX) has revealed a potential bearish inside day candle pattern. Yesterday's price range of $59.02 and $63.75 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 (NASDAQ:MLNX) is currently priced 4.9% above its average consensus analyst price target of $56.83. The stock should find resistance at its 200-day moving average (MA) of $77.37, as well as support at its 50-day MA of $52.62.

In the past 52 weeks, Mellanox Technologies share prices have been bracketed by a low of $24.51 and a high of $120.05 and closed yesterday at $59.78, 144% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

By Adrienne Chilton