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Possible Bullish Inside Day Candle Pattern Detected for Fossil (NASDAQ:FOSL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fossil (NASDAQ:FOSL) based on the price action in the company's shares. Today's price range of $28.34 and $28.75 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 Fossil may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Fossil have traded between a low of $26.03 and a high of $86.50 and are now at $28.58, which is 10% above that low price. The 200-day and 50-day moving averages have moved 1.24% lower and 0.99% lower over the past week, respectively.

Fossil, Inc. designs, develops, markets, and distributes consumer fashion accessories. The Company's products include an extensive line of men's and women's fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, and apparel.

Fossil has overhead space with shares priced $28.58, or 37.1% below the average consensus analyst price target of $45.42. The stock should find initial resistance at its 50-day moving average (MA) of $43.92 and further resistance at its 200-day MA of $47.12.

SmarTrend recommended that its subscribers protect gains by selling shares of Fossil on March 29th, 2016 by issuing a Downtrend alert when the shares were trading at $43.18. Since that call, shares of Fossil have fallen 35.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle fossil

Ticker(s): FOSL