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

By David Diaz

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 $161.06 and $164.88 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 Store (NYSE:BURL) is currently priced 8.7% above its average consensus analyst price target of $147.21. The stock should discover initial support at its 50-day moving average (MA) of $153.55 and subsequent support at its 200-day MA of $130.46.

In the past 52 weeks, shares of Burlington Store have traded between a low of $79.07 and a high of $166.46 and are now at $161.25, which is 104% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 0.5%.

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.

SmarTrend recommended that subscribers consider buying shares of Burlington Store on March 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $128.53. Since that recommendation, shares of Burlington Store have risen 29.3%. We continue to monitor BURL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle burlington store

Ticker(s): BURL