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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Callaway Golf (NYSE:ELY) based on the price action in the company's shares. Yesterday's price range of $9.73 and $9.84 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 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, manufactures, and markets golf clubs, which are sold to both average and skilled golfers. The Company's products include titanium drivers, fairway woods, irons, wedges, and various putters. Callaway's products are sold under brand names such as Big Bertha, Hawk Eye, and Odyssey.

In the past 52 weeks, Callaway Golf share prices have been bracketed by a low of $7.97 and a high of $10.62 and closed yesterday at $9.79, 23% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.2%.

Potential upside of 26.0% exists for Callaway Golf, based on a current level of $9.79 and analysts' average consensus price target of $12.33. Callaway Golf shares have support at the 50-day moving average (MA) of $9.11 and additional support at the 200-day MA of $9.09.

SmarTrend recommended that subscribers consider buying shares of Callaway Golf on April 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.25. Since that recommendation, shares of Callaway Golf have risen 4.9%. We continue to monitor ELY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle callaway golf

Ticker(s): ELY