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Possible Bearish Inside Day Candle Pattern Detected for Sequential Brand (NASDAQ:SQBG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sequential Brand (NASDAQ:SQBG) based on the price action in the company's shares. Yesterday's price range of $0.96 and $1.03 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 Sequential Brand may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sequential Brand has overhead space with shares priced $0.96, or 48.5% below the average consensus analyst price target of $1.88. The stock should run into initial resistance at its 50-day moving average (MA) of $1.23 and subsequent resistance at its 200-day MA of $1.38.

Sequential Brands Group, Inc. owns, promotes, and markets a portfolio of consumer brand to retailers, wholesalers, and distributors. The Company licenses apparel, fashion accessories, eyewear, and footwear brands. Sequential Brands Group operates in the United States.

Sequential Brand share prices have moved between a 52-week high of $2.28 and a 52-week low of $0.67 and closed yesterday at 44% above that low price at $0.96 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has remained constant.

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

Keywords: bearish am inside day candle sequential brand

Ticker(s): SQBG