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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 $13.47 and $13.51 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.

Over the past year, Fossil Group Inc has traded in a range of $12.60 to $32.17 and is now at $13.51, 7% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.8%.

There is potential upside of 13.5% for shares of Fossil Group Inc based on a current price of $13.51 and an average consensus analyst price target of $15.33. The stock should run into initial resistance at its 50-day moving average (MA) of $14.14 and subsequent resistance at its 200-day MA of $18.94.

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.

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 4.2%. 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