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Possible Bullish Inside Day Candle Pattern Detected for Callaway Golf Co (NYSE:ELY)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Callaway Golf Co (NYSE:ELY) based on the price action in the company's shares. Yesterday's price range of $19.09 and $19.65 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 Callaway Golf Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Callaway Golf Company designs, develops, and markets golf clubs. The Company manufactures titanium drivers, fairway woods, irons, wedges, and various putters. Callaway serves customers both domestically and internationally.

Over the past year, Callaway Golf Co has traded in a range of $13.49 to $24.67 and closed yesterday at $19.54, 45% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 1%.

There is potential upside of 0.9% for shares of Callaway Golf Co based on a current price of $19.54 and an average consensus analyst price target of $19.72. The stock should run into initial resistance at its 200-day moving average (MA) of $19.62 and subsequent resistance at its 50-day MA of $22.48.

SmarTrend is tracking the current trend status for Callaway Golf Co and will alert subscribers who have ELY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle callaway golf co

Ticker(s): ELY