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Possible Bearish Inside Day Candle Pattern Detected for Urban Outfitter (NASDAQ:URBN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Urban Outfitter (NASDAQ:URBN) based on the price action in the company's shares. Yesterday's price range of $27.75 and $28.66 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 Urban Outfitter may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Urban Outfitter has overhead space with shares priced $28.34, or 28.1% below the average consensus analyst price target of $39.43. The stock should discover initial support at its 50-day moving average (MA) of $26.92 and subsequent support at its 200-day MA of $25.67.

Urban Outfitter share prices have moved between a 52-week high of $34.24 and a 52-week low of $19.63 and closed yesterday at 44% above that low price at $28.34 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

Urban Outfitters, Inc. operates retail stores and direct response, including a catalog and Web sites. The Company's Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise. Urban also designs and markets young women's casual wear which it provides to the Company's retail operations and sells to retailers worldwide.

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

Keywords: bearish am inside day candle urban outfitter

Ticker(s): URBN