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

By Shiri Gupta

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 $39.70 and $40.52 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) defies analysts with a current price ($39.71) 6.9% above its average consensus price target of $36.99. The stock should find initial support at its 50-day moving average (MA) of $39.63 and further support at its 200-day MA of $33.59.

Over the past year, Coach has traded in a range of $27.22 to $43.71 and is now at $39.71, 46% above that low. The 200-day and 50-day moving averages have moved 0.52% higher and 0.78% higher over the past week, respectively.

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 is tracking the current trend status for Coach and will alert subscribers who have COH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle coach

Ticker(s): COH