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Possible Bullish Inside Day Candle Pattern Detected for Big 5 Sporting (NASDAQ:BGFV)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Big 5 Sporting (NASDAQ:BGFV) based on the price action in the company's shares. Yesterday's price range of $2.52 and $2.58 is within the prior day'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 Big 5 Sporting may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Big 5 Sporting Goods Corporation owns and operates sporting goods stores in the Western United States. The Company's products include athletic shoes, apparel, tennis, golf, ski, snowboard, in-line skating, fitness, outdoor, and team sports equipment for the competitive and recreational sporting goods customer.

There is potential upside of 205.1% for shares of Big 5 Sporting based on a current price of $2.54 and an average consensus analyst price target of $7.75. Big 5 Sporting shares should first meet resistance at the 50-day moving average (MA) of $3.47 and find additional resistance at the 200-day MA of $4.34.

In the past 52 weeks, Big 5 Sporting share prices have been bracketed by a low of $2.25 and a high of $9.75 and closed yesterday at $2.54, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.4% while the 200-day MA has slid 1.1%.

SmarTrend is tracking the current trend status for Big 5 Sporting and will alert subscribers who have BGFV in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle big 5 sporting

Ticker(s): BGFV