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

By Nick Russo

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. Yesterday's price range of $3.09 and $3.17 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 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.

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.

In the past 52 weeks, shares of Chico'S Fas Inc have traded between a low of $2.79 and a high of $10.31 and closed yesterday at $3.21, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 1.4%.

Potential upside of 241.1% exists for Chico'S Fas Inc, based on a current level of $3.21 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.

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 am inside day candle :chs chico's fas inc

Ticker(s): CHS