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Possible Bearish Inside Day Candle Pattern Detected for Steven Madden (NASDAQ:SHOO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Steven Madden (NASDAQ:SHOO) based on the price action in the company's shares. Yesterday's price range of $37.32 and $38.30 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 Steven Madden may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Steven Madden, Ltd. designs and markets fashion footwear for women. The Company's shoes are sold through Steve Madden retail stores, department stores, apparel and footwear specialty stores, and online. Steven Madden has licensees, including sportswear and jeans, outerwear, intimate apparel, eyewear, hosiery, and jewelry, and owns and operates a retail store under its David Aaron brand.

Steven Madden share prices have moved between a 52-week high of $44.80 and a 52-week low of $28.95 and closed yesterday at 31% above that low price at $37.91 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 1%.

There is potential upside of 39.0% for shares of Steven Madden based on a current price of $37.91 and an average consensus analyst price target of $52.70. The stock should find resistance at its 50-day moving average (MA) of $41.46, as well as support at its 200-day MA of $36.38.

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

Keywords: bearish am inside day candle steven madden

Ticker(s): SHOO