Published on Mon, 09/05/2011 - 14:20
By Adrienne Chilton in Candlestick, SPRD, bearish harami, nasdaq:sprd, spreadtrum communications

Analyzing the price chart for Spreadtrum Communications (NASDAQ:SPRD) has revealed a potential bearish harami candle pattern. Today's real body is within Friday's body and may imply that traders and investors believe that the recent uptrend may be nearing an end. A move down today would confirm this trend reversal. Also, the narrower the red body Friday, the more reliable the harami. Thus far today, Spreadtrum Communications has traded 0 shares, vs. average volume of 1.3 million shares per day. The company traded 766,000 shares yesterday.

Over the past year, Spreadtrum Communications has traded in a range of $8.59 to $24.20 and is now at $18.45, 115% above that low. The 200-day and 50-day moving averages have moved 0.39% higher and 3.32% higher over the past week, respectively.

Spreadtrum Communications (NASDAQ:SPRD) has a potential upside of 40.6% based on a current price of $18.45 and analysts' consensus price target of $25.95. The stock should find initial support at its 200-day moving average (MA) of $18.25 and further support at its 50-day MA of $15.45.

Spreadtrum Communications, Inc. is a fabless semiconductor company that designs, develops, and markets baseband processor solutions for the wireless communications market.