Satcon Technology Corp fka SATCQ

[fortuna6]

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Possible Bearish Inside Day Candle Pattern Detected for SatCon Technology (NASDAQ:SATC)
Written on Mon, 01/02/2012 - 7:31am
By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in SatCon Technology (NASDAQ:SATC) based on the price action in the company's shares. Yesterday's price range of $0.56 and $0.60 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 SatCon Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

SatCon Technology Corporation designs, develops, and manufactures electronics products and a variety of standard and custom electric motors to suit specific applications, for businesses and consumers. SatCon also develops flywheel energy storage devices, and integrated suspension and motor system that convert, condition, store and manage uninterruptible power.

There is potential upside of 131.5% for shares of SatCon Technology based on a current price of $0.60 and an average consensus analyst price target of $1.39. The stock should find initial resistance at its 50-day moving average (MA) of $0.81 and further resistance at its 200-day MA of $1.80.

In the past 52 weeks, SatCon Technology share prices have been bracketed by a low of $0.48 and a high of $5.51 and closed yesterday at $0.60, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.9% while the 50-day MA has declined 5.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of SatCon Technology on September 30th, 2011 by issuing a Downtrend alert when the shares were trading at $1.00. Since that call, shares of SatCon Technology have fallen 40.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.