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Possible Bearish Inside Day Candle Pattern Detected for Barnes & Noble (NYSE:BKS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Barnes & Noble (NYSE:BKS) based on the price action in the company's shares. Today's price range of $5.43 and $5.45 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 Barnes & Noble may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Barnes & Noble, Inc. operates superstores and mall-based bookstores throughout the United States. The Company provides access to trade books and other content across its multi-channel distribution platform, as well as sells general merchandise, including laptops and other technology products, notebooks, backpacks, school and dormitory supplies, and related items.

Over the past year, Barnes & Noble has traded in a range of $4.45 to $7.81 and is now at $5.43, 22% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.8%.

Barnes & Noble (NYSE:BKS) is currently priced 1.8% above its average consensus analyst price target of $5.33. The stock should find initial resistance at its 50-day moving average (MA) of $6.12 and further resistance at its 200-day MA of $6.17.

SmarTrend recommended that its subscribers protect gains by selling shares of Barnes & Noble on January 30th, 2019 by issuing a Downtrend alert when the shares were trading at $5.85. Since that call, shares of Barnes & Noble have fallen 5.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Barnes & Noble

Ticker(s): BKS