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Possible Bullish Inside Day Candle Pattern Detected for Coach (NYSE:COH)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Coach (NYSE:COH) based on the price action in the company's shares. Today's price range of $40.34 and $40.85 is within yesterday'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 Coach may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Coach (NYSE:COH) is currently priced 8.4% above its average consensus analyst price target of $36.99. The stock should discover initial support at its 50-day moving average (MA) of $39.33 and subsequent support at its 200-day MA of $33.41.

In the past 52 weeks, Coach share prices have been bracketed by a low of $27.22 and a high of $43.45 and are now at $40.36, 48% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.5%.

Coach, Inc. designs, produces, and markets primarily leather goods. The Company's products include handbags, business cases, men's and women's accessories, luggage and travel accessories, leather outerwear, and gloves. Coach, together with a licensing partner, offers watches, footwear, furniture, and eyewear.

SmarTrend recommended that subscribers consider buying shares of Coach on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.28. Since that recommendation, shares of Coach have risen 11.0%. We continue to monitor COH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle coach

Ticker(s): COH