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

By David Diaz

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. Today's price range of $28.02 and $28.36 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 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.

G-III Apparel Group, Ltd. manufactures and distributes leather and non-leather outerwear apparel. The Company has fashion licenses with Kenneth Cole, Jones Apparel Group, Cole Haan, and Timberland. GIII own labels GIII, Siena Studio, Colebrook & Co, JLC, JL Colebrook, and ColeB. G-III also has licensing agreements with the NFL, NHL, NBA, and MLB.

Over the past year, G-III Apparel has traded in a range of $28.00 to $73.93 and is now at $28.17, 1% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.7% while the 200-day MA has slid 0.9%.

G-III Apparel has overhead space with shares priced $28.17, or 57.6% below the average consensus analyst price target of $66.44. The stock should find initial resistance at its 50-day moving average (MA) of $48.90 and further resistance at its 200-day MA of $54.19.

SmarTrend recommended that its subscribers protect gains by selling shares of G-III Apparel on August 30th, 2016 by issuing a Downtrend alert when the shares were trading at $34.27. Since that call, shares of G-III Apparel have fallen 18.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle g-iii apparel

Ticker(s): GIII