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Possible Bearish Inside Day Candle Pattern Detected for Hibbett Sports I (NASDAQ:HIBB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hibbett Sports I (NASDAQ:HIBB) based on the price action in the company's shares. Today's price range of $15.45 and $15.57 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 Hibbett Sports I may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Hibbett Sports I have traded between a low of $13.08 and a high of $29.60 and are now at $15.51, which is 19% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 2.2%.

There is potential upside of 58.5% for shares of Hibbett Sports I based on a current price of $15.51 and an average consensus analyst price target of $24.59. The stock should run into initial resistance at its 200-day moving average (MA) of $18.51 and subsequent resistance at its 50-day MA of $18.59.

Hibbett Sports Inc. operates a chain of sporting goods stores in the southeastern United States. The stores sell athletic footwear, apparel, and equipment.

SmarTrend recommended that its subscribers protect gains by selling shares of Hibbett Sports I on June 27th, 2019 by issuing a Downtrend alert when the shares were trading at $18.31. Since that call, shares of Hibbett Sports I have fallen 15.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle hibbett sports i

Ticker(s): HIBB