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Possible Bearish Inside Day Candle Pattern Detected for Signet Jewelers (NYSE:SIG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Signet Jewelers (NYSE:SIG) based on the price action in the company's shares. Today's price range of $41.91 and $42.49 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 Signet Jewelers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Signet Jewelers (NYSE:SIG) is currently priced 18.6% above its average consensus analyst price target of $34.56. The stock should hit resistance at its 200-day moving average (MA) of $53.44, as well as support at its 50-day MA of $38.61.

Signet Jewelers Ltd. operates as a retail company. The Company, through its subsidiaries, retails jewelry, watches, gifts, and accessories. Signet Jewelers operates in the United States, the United Kingdom, Puerto Rico, and Canada.

In the past 52 weeks, Signet Jewelers share prices have been bracketed by a low of $33.11 and a high of $77.94 and are now at $42.48, 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 0.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Signet Jewelers on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $50.21. Since that call, shares of Signet Jewelers have fallen 15.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle signet jewelers

Ticker(s): SIG