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Possible Bullish Inside Day Candle Pattern Detected for Iconix Brand (NASDAQ:ICON)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Iconix Brand (NASDAQ:ICON) based on the price action in the company's shares. Today's price range of $6.60 and $6.72 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 Iconix Brand may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Iconix Brand share prices have moved between a 52-week high of $44.81 and a 52-week low of $4.67 and are now trading 43% above that low price at $6.67 per share. The 200-day and 50-day moving averages have moved 2.94% lower and 0.23% higher over the past week, respectively.

Iconix Brand Group, Inc. manages brands. The Company licenses its brand names to retailers and manufacturers throughout the world.

Potential upside of 84.8% exists for Iconix Brand, based on a current level of $6.67 and analysts' average consensus price target of $12.33. The stock should find initial resistance at its 50-day moving average (MA) of $8.26 and further resistance at its 200-day MA of $10.34.

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

Keywords: bullish inside day candle iconix brand

Ticker(s): ICON