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

By Nick Russo

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 $94.87 and $95.80 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.

Garmin Ltd share prices have moved between a 52-week high of $96.44 and a 52-week low of $59.98 and are now trading 59% above that low price at $95.19 per share. The 200-day and 50-day moving averages have moved 0.46% higher and 0.90% higher over the past week, respectively.

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.

Garmin Ltd (NASDAQ:GRMN) defies analysts with a current price ($95.19) 36.8% above its average consensus price target of $60.12. Garmin Ltd shares have support at the 50-day moving average (MA) of $84.58 and additional support at the 200-day MA of $80.83.

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