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Possible Bearish Inside Day Candle Pattern Detected for The Buckle Inc (NYSE:BKE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in The Buckle Inc (NYSE:BKE) based on the price action in the company's shares. Yesterday's price range of $23.78 and $24.40 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 The Buckle Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Buckle, Inc. operates as a retailer of casual apparel, footwear, and accessories for young men and women in the United States. It markets a selection of brand name casual apparel, including denims, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear, as well as private label merchandise primarily comprising BKE, Buckle Black, BKE Boutique, Red by BKE, Daytrip denim, Gimmicks, Gilded Intent, FITZ + EDDI, Outpost Makers, Departwest, and Veece.

The Buckle Inc (NYSE:BKE) is currently priced 25.2% above its average consensus analyst price target of $18.00. The stock should find initial support at its 50-day moving average (MA) of $20.61 and further support at its 200-day MA of $18.69.

The Buckle Inc share prices have moved between a 52-week high of $24.78 and a 52-week low of $14.81 and closed yesterday at 63% above that low price at $24.07 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 2.3%.

SmarTrend recommended that subscribers consider buying shares of The Buckle Inc on October 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.32. Since that recommendation, shares of The Buckle Inc have risen 12.9%. We continue to monitor BKE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle the buckle inc

Ticker(s): BKE