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Possible Bearish Inside Day Candle Pattern Detected for Iconix Brand Gro (NASDAQ:ICON)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Iconix Brand Gro (NASDAQ:ICON) based on the price action in the company's shares. Today's price range of $1.86 and $1.86 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 Iconix Brand Gro may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Iconix Brand Group, Inc., a brand management company, owns, licenses, and markets a portfolio of consumer brands across the women's, men's, and home industries in the United States and internationally.

Based on a current price of $1.86, Iconix Brand Gro is currently 62.4% above its average consensus analyst price target of $0.70. Iconix Brand Gro shares have support at the 50-day moving average (MA) of $0.90 and additional support at the 200-day MA of $0.25.

Over the past year, Iconix Brand Gro has traded in a range of $0.01 to $3.00 and is now at $1.86, 18,501% above that low. The 200-day and 50-day moving averages have moved 10.71% higher and 12.20% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Iconix Brand Gro and will alert subscribers who have ICON in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle iconix brand gro

Ticker(s): ICON