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

By Amy Schwartz

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 $34.99 and $35.26 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, 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.

Potential upside of 5.4% exists for Coach, based on a current level of $35.10 and analysts' average consensus price target of $36.99. The stock should hit resistance at its 50-day moving average (MA) of $39.63, as well as support at its 200-day MA of $33.59.

In the past 52 weeks, Coach share prices have been bracketed by a low of $27.22 and a high of $43.71 and are now at $35.10, 29% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Coach on August 12th, 2016 by issuing a Downtrend alert when the shares were trading at $39.56. Since that call, shares of Coach have fallen 11.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle coach

Ticker(s): COH