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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Garmin (NASDAQ:GRMN) based on the price action in the company's shares. Yesterday's price range of $42.00 and $42.49 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 Garmin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Garmin share prices have moved between a 52-week high of $57.16 and a 52-week low of $30.93 and closed yesterday at 37% above that low price at $42.31 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under the GARMIN brand name.

Garmin (NASDAQ:GRMN) is currently priced 9.2% above its average consensus analyst price target of $38.40. The stock should find initial support at its 50-day moving average (MA) of $40.76 and further support at its 200-day MA of $37.82.

SmarTrend is monitoring the recent change of momentum in Garmin. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Garmin in search of a potential trend change.

Keywords: bearish am inside day candle Garmin

Ticker(s): GRMN