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Possible Bullish Inside Day Candle Pattern Detected for Barnes & Noble (NYSE:BKS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Barnes & Noble (NYSE:BKS) based on the price action in the company's shares. Today's price range of $10.83 and $10.98 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. Traders and investors interested in shares of Barnes & Noble may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Barnes & Noble has traded in a range of $7.25 to $19.00 and is now at $10.91, 50% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has slid 1.2%.

There is potential upside of 42.1% for shares of Barnes & Noble based on a current price of $10.91 and an average consensus analyst price target of $15.50. The stock should find initial resistance at its 50-day moving average (MA) of $11.86 and further resistance at its 200-day MA of $12.14.

Barnes & Noble, Inc. operates superstores and mall-based bookstores throughout the US. The Company operates book superstores under the names Barnes & Noble Booksellers, Bookstop, and Bookstar. Barnes & Noble also operates bookstores in shopping malls under the names B. Dalton Bookseller, Doubleday Book Shops, and Scribner's Bookstore.

SmarTrend recommended that its subscribers protect gains by selling shares of Barnes & Noble on August 19th, 2016 by issuing a Downtrend alert when the shares were trading at $11.36. Since that call, shares of Barnes & Noble have fallen 4.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Barnes & Noble

Ticker(s): BKS