Possible Bullish Inside Day Candle Pattern Detected for Iconix Brand (NASDAQ:ICON)
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. Yesterday's price range of $6.60 and $6.82 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 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 Group, Inc. manages brands. The Company licenses its brand names to retailers and manufacturers throughout the world.
Over the past year, Iconix Brand has traded in a range of $4.67 to $44.81 and closed yesterday at $6.74, 44% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 2.9%.
Iconix Brand has overhead space with shares priced $6.74, or 45.4% below the average consensus analyst 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 am inside day candle iconix brand