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

By Nick Russo

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. Today's price range of $20.20 and $20.30 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 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.

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.

Over the past year, Callaway Golf Co has traded in a range of $12.03 to $20.71 and is now at $20.30, 69% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 2.0%.

Based on a current price of $20.30, Callaway Golf Co is currently 2.8% above its average consensus analyst price target of $19.72. The stock should find initial support at its 50-day moving average (MA) of $18.15 and further support at its 200-day MA of $15.56.

SmarTrend recommended that subscribers consider buying shares of Callaway Golf Co on March 21st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.46. Since that recommendation, shares of Callaway Golf Co have risen 77.7%. We continue to monitor ELY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle callaway golf co

Ticker(s): ELY