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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Iconix Brand (NASDAQ:ICON) based on the price action in the company's shares. Yesterday's price range of $8.55 and $8.83 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 Iconix Brand 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 Iconix Brand have traded between a low of $4.67 and a high of $44.81 and closed yesterday at $8.69, which is 86% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2.9% while the 50-day MA has advanced 0.2%.

There is potential upside of 41.9% for shares of Iconix Brand based on a current price of $8.69 and an average consensus analyst price target of $12.33. The stock should find resistance at its 200-day moving average (MA) of $10.34, as well as support at its 50-day MA of $8.26.

Iconix Brand Group, Inc. manages brands. The Company licenses its brand names to retailers and manufacturers throughout the world.

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

Keywords: bearish am inside day candle iconix brand

Ticker(s): ICON