SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fabrinet (NYSE:FN) based on the price action in the company's shares. Yesterday's price range of $51.50 and $52.73 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 Fabrinet may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Over the past year, Fabrinet has traded in a range of $24.02 to $54.70 and closed yesterday at $52.01, 117% above that low. The 200-day and 50-day moving averages have moved 1.30% higher and 0.36% higher over the past week, respectively.
Fabrinet offers outsourced process engineering and manufacturing services. The Company contracts to manufacture optical communications, automotive, industrial and imaging components, sub-assemblies, and modules for its original equipment manufacturer customers.
Fabrinet (NYSE:FN) is currently priced 22.1% above its average consensus analyst price target of $40.50. The stock should find initial support at its 50-day moving average (MA) of $45.68 and further support at its 200-day MA of $37.64.