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Possible Bearish Inside Day Candle Pattern Detected for Ascena Retail Gr (NASDAQ:ASNA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ascena Retail Gr (NASDAQ:ASNA) based on the price action in the company's shares. Today's price range of $0.51 and $0.53 is within yesterday'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 Ascena Retail Gr 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, Ascena Retail Gr has traded in a range of $0.47 to $5.29 and is now at $0.52, 10% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has declined 2.4%.

There is potential upside of 333.9% for shares of Ascena Retail Gr based on a current price of $0.52 and an average consensus analyst price target of $2.25. Ascena Retail Gr shares should first meet resistance at the 50-day moving average (MA) of $0.98 and find additional resistance at the 200-day MA of $2.32.

Ascena Retail Group, Inc. is a holding company for a national chain of women's apparel specialty stores. The Company's stores operate nationwide and in the District of Columbia.

SmarTrend recommended that its subscribers protect gains by selling shares of Ascena Retail Gr on May 22nd, 2019 by issuing a Downtrend alert when the shares were trading at $1.03. Since that call, shares of Ascena Retail Gr have fallen 48.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle ascena retail gr

Ticker(s): ASNA