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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 $69.24 and $69.82 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.

Williams-Sonoma share prices have moved between a 52-week high of $73.99 and a 52-week low of $45.01 and are now trading 54% above that low price at $69.24 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

Williams-Sonoma (NYSE:WSM) is currently priced 22.1% above its average consensus analyst price target of $53.94. The stock should discover initial support at its 50-day moving average (MA) of $58.94 and subsequent support at its 200-day MA of $57.15.

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.

SmarTrend recommended that subscribers consider buying shares of Williams-Sonoma on May 31st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.88. Since that recommendation, shares of Williams-Sonoma have risen 21.4%. 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