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Possible Bearish Inside Day Candle Pattern Detected for Callaway Golf Co (NYSE:ELY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Callaway Golf Co (NYSE:ELY) based on the price action in the company's shares. Yesterday's price range of $18.15 and $18.46 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 Callaway Golf Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 7.8% for shares of Callaway Golf Co based on a current price of $18.29 and an average consensus analyst price target of $19.72. Callaway Golf Co shares have support at the 50-day moving average (MA) of $17.79 and additional support at the 200-day MA of $16.87.

Callaway Golf Company designs, develops, and markets golf clubs. The Company manufactures titanium drivers, fairway woods, irons, wedges, and various putters. Callaway serves customers both domestically and internationally.

In the past 52 weeks, shares of Callaway Golf Co have traded between a low of $14.44 and a high of $24.67 and closed yesterday at $18.29, which is 27% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Callaway Golf Co on June 13th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.83. Since that recommendation, shares of Callaway Golf Co have risen 4.4%. We continue to monitor ELY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle callaway golf co

Ticker(s): ELY