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Possible Bearish Inside Day Candle Pattern Detected for Michaels Cos Inc (NASDAQ:MIK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Michaels Cos Inc (NASDAQ:MIK) based on the price action in the company's shares. Today's price range of $11.51 and $11.51 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 Michaels Cos Inc 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, Michaels Cos Inc share prices have been bracketed by a low of $10.76 and a high of $22.15 and are now at $11.51, 7% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 1.6%.

The Michaels Cos Inc., together with its subsidiaries, operates as a arts and crafts specialty retailer in North America. The Company provides materials, project ideas and education for creative activities.

Potential upside of 99.8% exists for Michaels Cos Inc, based on a current level of $11.51 and analysts' average consensus price target of $23.00. The stock should find initial resistance at its 50-day moving average (MA) of $12.22 and further resistance at its 200-day MA of $15.37.

SmarTrend recommended that its subscribers protect gains by selling shares of Michaels Cos Inc on January 30th, 2019 by issuing a Downtrend alert when the shares were trading at $14.00. Since that call, shares of Michaels Cos Inc have fallen 14.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle michaels cos inc

Ticker(s): MIK