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Possible Bearish Inside Day Candle Pattern Detected for Garmin Ltd (NASDAQ:GRMN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Garmin Ltd (NASDAQ:GRMN) based on the price action in the company's shares. Today's price range of $81.19 and $81.19 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 Garmin Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $81.19, Garmin Ltd is currently 25.9% above its average consensus analyst price target of $60.12. The stock should discover initial support at its 50-day moving average (MA) of $79.23 and subsequent support at its 200-day MA of $74.33.

Over the past year, Garmin Ltd has traded in a range of $59.98 to $89.72 and is now at $81.19, 35% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.3%.

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin Drive and VIRB names.

SmarTrend is tracking the current trend status for Garmin Ltd and will alert subscribers who have GRMN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle garmin ltd

Ticker(s): GRMN