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Possible Bearish Inside Day Candle Pattern Detected for Dick's Sporting Goods (NYSE:DKS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dick's Sporting Goods (NYSE:DKS) based on the price action in the company's shares. Today's price range of $51.15 and $51.67 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 Dick's Sporting Goods may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Dick's Sporting Goods share prices have moved between a 52-week high of $62.88 and a 52-week low of $33.42 and are now trading 54% above that low price at $51.32 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.2%.

Dick's Sporting Goods, Inc. is a sporting goods retailer that operates stores primarily in the eastern and central United States. The Company's stores offer a broad selection of brand name sporting goods equipment, apparel, and footwear.

Dick's Sporting Goods (NYSE:DKS) has potential upside of 24.2% based on a current price of $51.32 and analysts' consensus price target of $63.74. The stock should discover initial support at its 50-day moving average (MA) of $45.74 and subsequent support at its 200-day MA of $44.13.

SmarTrend is monitoring the recent change of momentum in Dick's Sporting Goods. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Dick's Sporting Goods in search of a potential trend change.

Keywords: bearish inside day candle dick's sporting goods

Ticker(s): DKS