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Possible Bearish Inside Day Candle Pattern Detected for Overstock.Com (NASDAQ:OSTK)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Overstock.Com (NASDAQ:OSTK) based on the price action in the company's shares. Today's price range of $23.30 and $24.30 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 Overstock.Com may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Overstock.com, Inc. offers discounted brand-name merchandise for sale over the internet. Products include bed-and-bath goods, kitchenware, jewelry, sporting goods, electronics, and designer accessories.

There is potential upside of 4.0% for shares of Overstock.Com based on a current price of $24.05 and an average consensus analyst price target of $25.00. The stock should discover initial support at its 200-day moving average (MA) of $15.59 and subsequent support at its 50-day MA of $14.88.

In the past 52 weeks, shares of Overstock.Com have traded between a low of $13.05 and a high of $24.70 and are now at $24.05, which is 84% above that low price. The 200-day and 50-day moving averages have moved 1% lower and 0.45% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Overstock.Com on June 19th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.15. Since that recommendation, shares of Overstock.Com have risen 52.3%. We continue to monitor OSTK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle overstock.com

Ticker(s): OSTK