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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in DSW (NYSE:DSW) based on the price action in the company's shares. Today's price range of $20.34 and $20.60 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 DSW may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

DSW has overhead space with shares priced $20.60, or 9.6% below the average consensus analyst price target of $22.78. The stock should run into initial resistance at its 200-day moving average (MA) of $26.13 and subsequent resistance at its 50-day MA of $26.25.

In the past 52 weeks, DSW share prices have been bracketed by a low of $18.51 and a high of $36.92 and are now at $20.60, 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.5%.

DSW Inc., is a specialty branded footwear retailer operating in the United States. The Company offers a wide selection of brand name and designer dress, casual, and athletic footwear for women and men.

SmarTrend is monitoring the recent change of momentum in DSW. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of DSW in search of a potential trend change.

Keywords: bullish inside day candle

Ticker(s): DSW