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

By Shiri Gupta

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. Today's price range of $26.86 and $26.86 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 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 Outfitters, Inc., a lifestyle products and services company, engages in the retail and wholesale of general consumer products. The company retails women's and men's fashion apparel, activewear, intimates, footwear, accessories, home goods, electronics, and beauty products for young adults aged 18 to 28 under the Urban Outfitters brand; and women's casual apparel and accessories, intimates, shoes, and home furnishings, as well as gifts, decorative items, and beauty products for women aged 28 to 45 under the Anthropologie brand.

Urban Outfitter (NASDAQ:URBN) has potential upside of 46.8% based on a current price of $26.86 and analysts' consensus price target of $39.43. The stock should run into initial resistance at its 50-day moving average (MA) of $29.67 and subsequent resistance at its 200-day MA of $35.67.

In the past 52 weeks, shares of Urban Outfitter have traded between a low of $26.34 and a high of $52.50 and are now at $26.86, which is 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Urban Outfitter on April 22nd, 2019 by issuing a Downtrend alert when the shares were trading at $29.88. Since that call, shares of Urban Outfitter have fallen 9.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle urban outfitter

Ticker(s): URBN