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 Silicon Graphics International...

Silicon Graphics International (NYSE:SGI) traded today at a new 52-week low of $6.54. ...

Watch for Continued Losses in Shares of ...

Rayonier (NYSE:RYN) traded today at a new 52-week low of $25.00. This new low was reac ...

Rosetta Stone: The Losing Streak Continu...

Shares of Rosetta Stone (NYSE:RST) traded at a new 52-week low today of $6.45. This ne ...

Rubicon Technology: The Losing Streak Co...

Rubicon Technology (NASDAQ:RBCN) traded today at a new 52-week low of $2.85. So far to ...

Papa John's International Looks to Conti...

Shares of Papa John's International (NASDAQ:PZZA) traded today at $69.35, breaking its ...

Shares of PharMerica Rise to a New 52-We...

Shares of PharMerica (NYSE:PMC) traded at a new 52-week high today of $33.05. So far t ...

Shares of Orion Marine Have Fallen Below...

Shares of Orion Marine (NYSE:ORN) traded at a new 52-week low today of $7.51. So far t ...

Shares of Odyssey Marine Exploration Fal...

Odyssey Marine Exploration (NASDAQ:OMEX) traded at a new 52-week low today of $0.48. A ...