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Possible Bullish Inside Day Candle Pattern Detected for Garmin (NASDAQ:GRMN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Garmin (NASDAQ:GRMN) based on the price action in the company's shares. Today's price range of $49.41 and $49.83 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 Garmin may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under the GARMIN brand name.

Garmin (NASDAQ:GRMN) is currently priced 22.4% above its average consensus analyst price target of $38.40. The stock should find initial support at its 50-day moving average (MA) of $40.76 and further support at its 200-day MA of $37.82.

Garmin share prices have moved between a 52-week high of $57.16 and a 52-week low of $30.93 and are now trading 60% above that low price at $49.51 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

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

Keywords: bullish inside day candle Garmin

Ticker(s): GRMN