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Possible Bearish Inside Day Candle Pattern Detected for Fossil Group Inc (NASDAQ:FOSL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fossil Group Inc (NASDAQ:FOSL) based on the price action in the company's shares. Today's price range of $11.10 and $11.28 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 Fossil Group Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Fossil Group Inc have traded between a low of $9.46 and a high of $32.17 and are now at $11.26, which is 19% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 1.2%.

Fossil Group, Inc. designs, develops, markets, and distributes consumer fashion accessories. The Company's products include an extensive line of men and women fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, and apparel.

Fossil Group Inc has overhead space with shares priced $11.26, or 26.6% below the average consensus analyst price target of $15.33. The stock should find initial resistance at its 50-day moving average (MA) of $12.09 and further resistance at its 200-day MA of $16.60.

SmarTrend recommended that its subscribers protect gains by selling shares of Fossil Group Inc on February 14th, 2019 by issuing a Downtrend alert when the shares were trading at $14.15. Since that call, shares of Fossil Group Inc have fallen 20.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle fossil group inc

Ticker(s): FOSL