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Possible Bearish Inside Day Candle Pattern Detected for Sportsman'S Ware (:SPWH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sportsman'S Ware (:SPWH) based on the price action in the company's shares. Yesterday's price range of $4.93 and $5.05 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 Sportsman'S Ware 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 18.5% exists for Sportsman'S Ware, based on a current level of $4.98 and analysts' average consensus price target of $5.90. The stock should find initial support at its 200-day moving average (MA) of $4.59 and further support at its 50-day MA of $4.08.

In the past 52 weeks, Sportsman'S Ware share prices have been bracketed by a low of $3.41 and a high of $6.69 and closed yesterday at $4.98, 46% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.5%.

Sportsman's Warehouse Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides sporting goods, sporting equipment, bicycles, footwear, electronics, and apparels. Sportsman's Warehouse distributes its products throughout the United States.

SmarTrend is monitoring the recent change of momentum in Sportsman'S Ware. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sportsman'S Ware in search of a potential trend change.

Keywords: bearish am inside day candle :spwh sportsman's ware

Ticker(s): SPWH