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Possible Bearish Inside Day Candle Pattern Detected for Oxford Industries (NYSE:OXM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oxford Industries (NYSE:OXM) based on the price action in the company's shares. Yesterday's price range of $55.02 and $55.56 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 Oxford Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 33.2% exists for Oxford Industries, based on a current level of $55.16 and analysts' average consensus price target of $73.50. Oxford Industries shares should first meet resistance at the 50-day moving average (MA) of $68.94 and find additional resistance at the 200-day MA of $71.39.

Oxford Industries share prices have moved between a 52-week high of $91.24 and a 52-week low of $49.50 and closed yesterday at 11% above that low price at $55.16 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.7%.

Oxford Industries, Inc. is an international manufacturer and wholesale marketer of branded and private label apparel for men, women, and children. The Company's private label customers include national chains, specialty catalogs, mass merchandisers, department stores, specialty stores, and Internet retailers.

SmarTrend is tracking the current trend status for Oxford Industries and will alert subscribers who have OXM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle oxford industries

Ticker(s): OXM