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

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