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Possible Bullish Inside Day Candle Pattern Detected for Genesco Inc (NYSE:GCO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Genesco Inc (NYSE:GCO) based on the price action in the company's shares. Yesterday's price range of $26.70 and $27.95 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 Genesco Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Genesco, Inc. retails branded footwear, licensed and branded headwear, and wholesales branded footwear. The Company operates stores throughout the United States, Puerto Rico, and Canada.

Potential upside of 54.7% exists for Genesco Inc, based on a current level of $26.75 and analysts' average consensus price target of $41.38. The stock should find initial resistance at its 200-day moving average (MA) of $62.12 and further resistance at its 50-day MA of $68.74.

In the past 52 weeks, shares of Genesco Inc have traded between a low of $26.30 and a high of $74.21 and closed yesterday at $26.75, which is 2% above that low price. 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 recommended that its subscribers protect gains by selling shares of Genesco Inc on December 23rd, 2016 by issuing a Downtrend alert when the shares were trading at $62.70. Since that call, shares of Genesco Inc have fallen 57.8%. 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 genesco inc

Ticker(s): GCO