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

By Nick Russo

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. Yesterday's price range of $18.67 and $18.67 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 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.

Hibbett Sports I (NASDAQ:HIBB) has potential upside of 31.9% based on a current price of $18.65 and analysts' consensus price target of $24.59. The stock should hit resistance at its 200-day moving average (MA) of $19.53, as well as support at its 50-day MA of $17.20.

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

Over the past year, Hibbett Sports I has traded in a range of $13.08 to $29.60 and closed yesterday at $18.65, 43% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.1%.

SmarTrend recommended that subscribers consider buying shares of Hibbett Sports I on January 28th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.72. Since that recommendation, shares of Hibbett Sports I have risen 13.2%. We continue to monitor HIBB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle hibbett sports i

Ticker(s): HIBB