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Possible Bullish Inside Day Candle Pattern Detected for Movado Group (NYSE:MOV)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Movado Group (NYSE:MOV) based on the price action in the company's shares. Yesterday's price range of $42.90 and $43.70 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 Movado Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Movado Group share prices have been bracketed by a low of $26.09 and a high of $53.73 and closed yesterday at $43.50, 67% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has declined 0.8%.

Movado Group, Inc. designs, manufactures, retails, and distributes watches, as well as jewelry, tabletop, and accessory products. The Company markets several watch brands in North America, Western Europe, and the Far East.

Based on a current price of $43.50, Movado Group is currently 3.4% above its average consensus analyst price target of $42.00. The stock should find resistance at its 50-day moving average (MA) of $48.07, as well as support at its 200-day MA of $39.61.

SmarTrend recommended that its subscribers protect gains by selling shares of Movado Group on August 29th, 2018 by issuing a Downtrend alert when the shares were trading at $44.62. Since that call, shares of Movado Group have fallen 4.2%. 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 movado group

Ticker(s): MOV