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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Buckle (NYSE:BKE) based on the price action in the company's shares. Yesterday's price range of $27.05 and $28.19 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 Buckle may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 18.7% exists for Buckle, based on a current level of $27.51 and analysts' average consensus price target of $32.67. The stock should find initial resistance at its 50-day moving average (MA) of $31.42 and further resistance at its 200-day MA of $33.94.

The Buckle, Inc. retails medium to better priced casual apparel for young men and women. The Company currently operates retail stores in the United States under the Brass Buckle and The Buckle names. The Buckle markets a wide selection of mostly brand name casual apparel, including denims, tops, sportswear, outerwear, accessories, and shoes.

In the past 52 weeks, shares of Buckle have traded between a low of $22.00 and a high of $47.36 and closed yesterday at $27.51, which is 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 1%.

SmarTrend recommended that subscribers consider buying shares of Buckle on June 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.62. Since that recommendation, shares of Buckle have risen 10.3%. 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 buckle

Ticker(s): BKE