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

By Nick Russo

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 $0.68 and $0.73 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.

In the past 52 weeks, shares of Ascena Retail Gr have traded between a low of $0.47 and a high of $5.29 and are now at $0.68, which is 44% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.3% while the 200-day MA has slid 2.4%.

Ascena Retail Gr has overhead space with shares priced $0.68, or 69.9% below the average consensus analyst price target of $2.25. The stock should run into initial resistance at its 50-day moving average (MA) of $0.92 and subsequent resistance at its 200-day MA of $2.21.

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 is monitoring the recent change of momentum in Ascena Retail Gr. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ascena Retail Gr in search of a potential trend change.

Keywords: bearish inside day candle ascena retail gr

Ticker(s): ASNA