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Possible Bullish Inside Day Candle Pattern Detected for Cabela's (NYSE:CAB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cabela's (NYSE:CAB) based on the price action in the company's shares. Yesterday's price range of $46.53 and $47.69 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 Cabela's 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, shares of Cabela's have traded between a low of $33.03 and a high of $54.97 and closed yesterday at $47.04, which is 42% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

Cabela's Incorporated retails hunting, fishing, camping, and outdoor sports products and apparel. The Company markets its products through its retail stores, website, and catalog. Cabela's retail stores also offer in-house clinics associated with hunting, fishing, and camping.

Cabela's (NYSE:CAB) defies analysts with a current price ($47.04) 11.8% above its average consensus price target of $41.50. Cabela's shares should encounter resistance at the 50-day moving average (MA) of $49.17 and support at its 200-day MA of $45.49.

SmarTrend is tracking the current trend status for Cabela's and will alert subscribers who have CAB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle cabela's

Ticker(s): CAB