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

By Nick Russo

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. Yesterday's price range of $28.10 and $28.75 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 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.

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 (NASDAQ:FOSL) has potential upside of 59.1% based on a current price of $28.55 and analysts' consensus price target of $45.42. The stock should run into initial resistance at its 50-day moving average (MA) of $43.92 and subsequent resistance at its 200-day MA of $47.12.

In the past 52 weeks, shares of Fossil have traded between a low of $26.03 and a high of $86.50 and closed yesterday at $28.55, which is 10% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 1.2%.

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 33.9%. 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 fossil

Ticker(s): FOSL