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Possible Bearish Inside Day Candle Pattern Detected for Columbia Sportsw (NASDAQ:COLM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Columbia Sportsw (NASDAQ:COLM) based on the price action in the company's shares. Yesterday's price range of $92.26 and $93.58 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 Columbia Sportsw may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Columbia Sportsw (NASDAQ:COLM) defies analysts with a current price ($93.43) 5.5% above its average consensus price target of $88.31. The stock should discover initial support at its 50-day moving average (MA) of $89.42 and subsequent support at its 200-day MA of $76.42.

Columbia Sportswear Company designs, manufactures, markets, and distributes active outdoor apparel. The Company's products include outerwear, sportswear, rugged footwear, and related accessories. Columbia's products are sold to specialty and department store retailers in the United States and other countries.

Over the past year, Columbia Sportsw has traded in a range of $54.89 to $94.40 and closed yesterday at $93.43, 70% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of Columbia Sportsw on September 13th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $58.90. Since that recommendation, shares of Columbia Sportsw have risen 59.2%. We continue to monitor COLM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle columbia sportsw

Ticker(s): COLM