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Possible Bearish Inside Day Candle Pattern Detected for Children'S Place (:PLCE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Children'S Place (:PLCE) based on the price action in the company's shares. Today's price range of $78.32 and $80.30 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 Children'S Place may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Children's Place, Inc. retails value-priced apparel and accessories for newborn to 12 year old children. The Company designs, contracts to manufacture, and sells its products under The Children's Place brand name. The Children's Place operates stores primarily located in regional shopping malls in the eastern half of the United States.

Children'S Place share prices have moved between a 52-week high of $160.23 and a 52-week low of $75.95 and are now trading 4% above that low price at $79.10 per share. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 0.9%.

Children'S Place has overhead space with shares priced $79.10, or 48.9% below the average consensus analyst price target of $154.71. The stock should run into initial resistance at its 50-day moving average (MA) of $92.36 and subsequent resistance at its 200-day MA of $100.90.

SmarTrend recommended that its subscribers protect gains by selling shares of Children'S Place on August 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $91.44. Since that call, shares of Children'S Place have fallen 11.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle :plce children's place

Ticker(s): PLCE