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Possible Bearish Inside Day Candle Pattern Detected for Chico'S Fas Inc (:CHS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chico'S Fas Inc (:CHS) based on the price action in the company's shares. Today's price range of $3.10 and $3.16 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 Chico'S Fas Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 253.2% exists for Chico'S Fas Inc, based on a current level of $3.10 and analysts' average consensus price target of $10.95. The stock should find initial resistance at its 50-day moving average (MA) of $3.26 and further resistance at its 200-day MA of $4.78.

In the past 52 weeks, Chico'S Fas Inc share prices have been bracketed by a low of $2.79 and a high of $10.31 and are now at $3.10, 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 0.8%.

Chico's FAS, Inc. sells private label women's casual clothing and related accessories. The Company's clothing includes tops, pants, shorts, skirts, and dresses. Chico's owns and operates stores throughout the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of Chico'S Fas Inc on March 21st, 2019 by issuing a Downtrend alert when the shares were trading at $4.50. Since that call, shares of Chico'S Fas Inc have fallen 29.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle :chs chico's fas inc

Ticker(s): CHS