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

By David Diaz

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 $23.16 and $23.71 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.

Over the past year, Urban Outfitter has traded in a range of $19.63 to $52.50 and is now at $23.16, 18% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 1.2%.

Urban Outfitter has overhead space with shares priced $23.16, or 41.3% below the average consensus analyst price target of $39.43. Urban Outfitter shares should encounter resistance at the 200-day moving average (MA) of $29.13 and support at the 50-day MA of $22.72.

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

Keywords: bearish inside day candle urban outfitter

Ticker(s): URBN