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Possible Bullish Inside Day Candle Pattern Detected for Burlington Store (NYSE:BURL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Burlington Store (NYSE:BURL) based on the price action in the company's shares. Yesterday's price range of $146.09 and $147.50 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 Burlington Store 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, Burlington Store share prices have been bracketed by a low of $124.38 and a high of $180.27 and closed yesterday at $145.62, 17% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

Potential upside of 1.1% exists for Burlington Store, based on a current level of $145.62 and analysts' average consensus price target of $147.21. The stock should run into initial resistance at its 200-day moving average (MA) of $160.28 and subsequent resistance at its 50-day MA of $161.63.

Burlington Stores, Inc. owns and operates clothing retail stores. The Company offers, through its stores and internet sites, men's, women's, and children's apparel. Burlington Holding operates within the United States and Puerto Rico.

SmarTrend recommended that its subscribers protect gains by selling shares of Burlington Store on February 13th, 2019 by issuing a Downtrend alert when the shares were trading at $163.68. Since that call, shares of Burlington Store have fallen 10.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle burlington store

Ticker(s): BURL