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

By Amy Schwartz

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. Yesterday's price range of $7.25 and $7.42 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 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 $6.83 to $22.24 and closed yesterday at $7.29, 7% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.4% while the 200-day MA has slid 1.1%.

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 (NASDAQ:FOSL) has potential upside of 110.3% based on a current price of $7.29 and analysts' consensus price target of $15.33. The stock should run into initial resistance at its 50-day moving average (MA) of $10.60 and subsequent resistance at its 200-day MA of $12.03.

SmarTrend is tracking the current trend status for Fossil Group Inc and will alert subscribers who have FOSL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle fossil group inc

Ticker(s): FOSL