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Possible Bullish Inside Day Candle Pattern Detected for G Iii Apparel (NASDAQ:GIII)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in G Iii Apparel (NASDAQ:GIII) based on the price action in the company's shares. Yesterday's price range of $21.20 and $21.71 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 G Iii Apparel may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 83.9% exists for G Iii Apparel, based on a current level of $21.33 and analysts' average consensus price target of $39.22. G Iii Apparel shares should first meet resistance at the 50-day moving average (MA) of $26.37 and find additional resistance at the 200-day MA of $33.16.

G-III Apparel Group, Ltd. is a manufacturer and distributor of outerwear, dresses, sportswear, swimwear, beachwear and women's suits, as well as handbags and luggage. The Company manufactures and distributes under licensed brands, their own brands, and private label brands. G-III also has licensing agreements with several sports leagues and universities.

In the past 52 weeks, G Iii Apparel share prices have been bracketed by a low of $19.89 and a high of $50.83 and closed yesterday at $21.33, 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.9% while the 200-day MA has slid 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of G Iii Apparel on August 5th, 2019 by issuing a Downtrend alert when the shares were trading at $24.72. Since that call, shares of G Iii Apparel have fallen 14.3%. 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 g iii apparel

Ticker(s): GIII