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

By David Diaz

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. Yesterday's price range of $34.99 and $35.39 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 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.

There is potential upside of 5.0% for shares of Coach based on a current price of $35.22 and an average consensus analyst 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.

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.

Over the past year, Coach has traded in a range of $27.22 to $43.71 and closed yesterday at $35.22, 29% above that low. Over the last five market days, 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 am inside day candle coach

Ticker(s): COH