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Possible Bearish Inside Day Candle Pattern Detected for Harley-Davidson (NYSE:HOG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Harley-Davidson (NYSE:HOG) based on the price action in the company's shares. Today's price range of $49.28 and $50.11 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 Harley-Davidson may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles. The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise. Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

Over the past year, Harley-Davidson has traded in a range of $41.63 to $63.40 and is now at $49.35, 19% above that low. The 200-day and 50-day moving averages have moved 0.34% lower and 0.85% higher over the past week, respectively.

Harley-Davidson has overhead space with shares priced $49.35, or 15.1% below the average consensus analyst price target of $58.10. Harley-Davidson shares have support at the 200-day moving average (MA) of $49.14 and additional support at the 50-day MA of $47.49.

SmarTrend recommended that its subscribers protect gains by selling shares of Harley-Davidson on July 7th, 2017 by issuing a Downtrend alert when the shares were trading at $52.79. Since that call, shares of Harley-Davidson have fallen 4.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Harley-Davidson

Ticker(s): HOG