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Possible Bearish Inside Day Candle Pattern Detected for Williams-Sonoma (NYSE:WSM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Williams-Sonoma (NYSE:WSM) based on the price action in the company's shares. Today's price range of $62.51 and $63.17 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 Williams-Sonoma may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Williams-Sonoma share prices have been bracketed by a low of $42.68 and a high of $63.55 and are now at $62.63, 47% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.3%.

Williams-Sonoma, Inc. retails cooking and serving equipment, home furnishings, and home accessories through retail stores, mail order catalogs, and e-commerce. The Company offers its merchandise under the Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, and West Elm.

Williams-Sonoma (NYSE:WSM) is currently priced 13.9% above its average consensus analyst price target of $53.94. Williams-Sonoma shares have support at the 50-day moving average (MA) of $52.19 and additional support at the 200-day MA of $51.56.

SmarTrend recommended that subscribers consider buying shares of Williams-Sonoma on May 24th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.66. Since that recommendation, shares of Williams-Sonoma have risen 18.0%. We continue to monitor WSM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Williams-Sonoma

Ticker(s): WSM