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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 $1.18 and $1.18 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.

Ascena Retail Gr has overhead space with shares priced $1.18, or 47.6% 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 $2.23 and subsequent resistance at its 200-day MA of $3.44.

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.

Over the past year, Ascena Retail Gr has traded in a range of $1.05 to $5.29 and is now at $1.18, 12% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 5.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Ascena Retail Gr on January 30th, 2019 by issuing a Downtrend alert when the shares were trading at $2.44. Since that call, shares of Ascena Retail Gr have fallen 52.5%. 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