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Possible Bearish Inside Day Candle Pattern Detected for Burlington Store (NYSE:BURL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Burlington Store (NYSE:BURL) based on the price action in the company's shares. Today's price range of $148.11 and $148.36 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 Burlington Store may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Burlington Stores, Inc. owns and operates clothing retail stores. The Company offers, through its stores and internet sites, men's, women's, and children's apparel. Burlington Holding operates within the United States and Puerto Rico.

Burlington Store (NYSE:BURL) is currently priced 0.6% above its average consensus analyst price target of $147.21. The stock should find initial resistance at its 200-day moving average (MA) of $160.40 and further resistance at its 50-day MA of $163.10.

Over the past year, Burlington Store has traded in a range of $124.38 to $180.27 and is now at $148.11, 19% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Burlington Store on February 13th, 2019 by issuing a Downtrend alert when the shares were trading at $163.69. Since that call, shares of Burlington Store have fallen 9.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle burlington store

Ticker(s): BURL