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Possible Bearish Inside Day Candle Pattern Detected for Sears Holdings (NASDAQ:SHLD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sears Holdings (NASDAQ:SHLD) based on the price action in the company's shares. Yesterday's price range of $2.30 and $2.38 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 Sears Holdings may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sears Holdings Corporation is a broadline retailer with full-line and specialty retail stores in the United States and Canada. The Company retails home appliances, as well as tools, lawn, garden, home electronics, and other products. Sears Holdings also provides automotive repair and maintenance.

In the past 52 weeks, Sears Holdings share prices have been bracketed by a low of $1.99 and a high of $10.76 and closed yesterday at $2.33, 17% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.6% while the 50-day MA has declined 2.2%.

Sears Holdings (NASDAQ:SHLD) is currently priced 35.6% above its average consensus analyst price target of $1.50. The stock should find initial resistance at its 50-day moving average (MA) of $2.77 and further resistance at its 200-day MA of $3.56.

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

Keywords: bearish am inside day candle sears holdings

Ticker(s): SHLD