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Possible Bullish Inside Day Candle Pattern Detected for Tellabs (NASDAQ:TLAB)

Published on Wed, 02/27/2013 - 08:29
By Robert Cotter

Analysts have spotted a possible bullish inside day candle pattern in Tellabs (NASDAQ:TLAB) based on the price action in the company's shares. Yesterday's price range of $2.04 and $2.10 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 Tellabs may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 6.4% for shares of Tellabs based on a current price of $2.08 and an average consensus analyst price target of $2.21. The stock should find initial resistance at its 50-day moving average (MA) of $2.38 and further resistance at its 200-day MA of $3.11.

Tellabs, Inc. designs, manufactures, markets, and services voice, data, and video transport and network access systems. The Company's products are used worldwide by public telephone companies, long-distance carriers, alternate service providers, cellular service providers, cable operators, government agencies, utilities, and business end-users.

Tellabs share prices have moved between a 52-week high of $4.12 and a 52-week low of $2.01 and closed yesterday at 3% above that low price at $2.08 per share. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 3.2%.

By Robert Cotter