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Possible Bearish Inside Day Candle Pattern Detected for Coach (NYSE:COH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Coach (NYSE:COH) based on the price action in the company's shares. Today's price range of $40.12 and $40.55 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 Coach may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Coach (NYSE:COH) is currently priced 8.5% above its average consensus analyst price target of $36.99. The stock should discover initial support at its 50-day moving average (MA) of $39.63 and subsequent support at its 200-day MA of $33.59.

In the past 52 weeks, shares of Coach have traded between a low of $27.22 and a high of $42.13 and are now at $40.42, which is 48% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.8%.

Coach, Inc. designs, produces, and markets primarily leather goods. The Company's products include handbags, business cases, men's and women's accessories, luggage and travel accessories, leather outerwear, and gloves. Coach, together with a licensing partner, offers watches, footwear, furniture, and eyewear.

SmarTrend recommended that subscribers consider buying shares of Coach on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.28. Since that recommendation, shares of Coach have risen 12.2%. We continue to monitor COH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle coach

Ticker(s): COH