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

By David Diaz

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 $13.38 and $13.77 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 Limited engages in the retail sale of diamond jewelry, watches, and other products in the United States, Canada, the United Kingdom, the Republic of Ireland, and the Channel Islands.

Over the past year, Signet Jewelers has traded in a range of $11.51 to $71.07 and is now at $13.52, 17% above that low. Over the past week, the 200-day moving average (MA) has gone down 3.2% while the 50-day MA has declined 3.1%.

Signet Jewelers has overhead space with shares priced $13.52, or 60.9% below the average consensus analyst price target of $34.56. The stock should run into initial resistance at its 50-day moving average (MA) of $16.63 and subsequent resistance at its 200-day MA of $26.85.

SmarTrend recommended that its subscribers protect gains by selling shares of Signet Jewelers on April 12th, 2019 by issuing a Downtrend alert when the shares were trading at $23.51. Since that call, shares of Signet Jewelers have fallen 41.1%. 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