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Possible Bearish Inside Day Candle Pattern Detected for Caleres Inc (NYSE:CAL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Caleres Inc (NYSE:CAL) based on the price action in the company's shares. Yesterday's price range of $23.40 and $24.13 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 Caleres Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Caleres Inc share prices have been bracketed by a low of $14.30 and a high of $37.82 and closed yesterday at $24.09, 68% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has slid 0.4%.

Caleres Inc (NYSE:CAL) has potential upside of 42.2% based on a current price of $24.09 and analysts' consensus price target of $34.25. Caleres Inc shares have support at the 200-day moving average (MA) of $22.98 and additional support at the 50-day MA of $21.69.

Caleres, Inc. engages in the retail and wholesale of footwear in the United States, Canada, Guam, and Italy. It operates through Famous Footwear and Brand Portfolio segments. The company offers licensed, branded, and private-label casual, dress, and athletic footwear products to women, men, and children. Its retail shoe stores provide brand-name athletic, casual, and dress shoes, including company-owned and licensed brands comprising LifeStride, Dr. Scholl's Shoes, Naturalizer, Fergie Footwear, Carlos by Carlos Santana, and Circus by Sam Edelman, Sam Edelman, Allen Edmonds, Franco Sarto, Vince, Rykä, Bzees, Via Spiga, Diane von Furstenberg, and George Brown Bilt.

SmarTrend is tracking the current trend status for Caleres Inc and will alert subscribers who have CAL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle caleres inc

Ticker(s): CAL