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Possible Bullish Inside Day Candle Pattern Detected for Boot Barn Holdin (NYSE:BOOT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Boot Barn Holdin (NYSE:BOOT) based on the price action in the company's shares. Yesterday's price range of $16.55 and $17.25 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 Boot Barn Holdin may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Boot Barn Holdin share prices have been bracketed by a low of $5.90 and a high of $20.31 and closed yesterday at $16.98, 188% above that low price. The 200-day and 50-day moving averages have moved 3.49% lower and 1.08% lower over the past week, respectively.

Based on a current price of $16.98, Boot Barn Holdin is currently 43.5% above its average consensus analyst price target of $9.60. Boot Barn Holdin shares have support at the 200-day moving average (MA) of $14.22 and additional support at the 50-day MA of $9.06.

Boot Barn Holdings, Inc. sells western and work gear for individuals and families. The Company sells boots, jeans, shirts, hats, belts, jewelry, and other products. Boot Barn operates throughout the United States.

SmarTrend recommended that subscribers consider buying shares of Boot Barn Holdin on August 2nd, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.27. Since that recommendation, shares of Boot Barn Holdin have risen 78.1%. We continue to monitor BOOT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle boot barn holdin

Ticker(s): BOOT