Possible Bullish Inside Day Candle Pattern Detected for Signet Jewelers (NYSE:SIG)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Signet Jewelers (NYSE:SIG) based on the price action in the company's shares. Today's price range of $74.78 and $75.57 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 Signet Jewelers may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Signet Jewelers Ltd. retails jewelry, watches, gifts and accessories. The Company operates in the United States and the United Kingdom.
Signet Jewelers share prices have moved between a 52-week high of $152.27 and a 52-week low of $74.14 and are now trading 2% above that low price at $75.28 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.2%.
There is potential upside of 113.0% for shares of Signet Jewelers based on a current price of $75.28 and an average consensus analyst price target of $160.34. Signet Jewelers shares should first meet resistance at the 50-day moving average (MA) of $113.36 and find additional resistance at the 200-day MA of $124.56.
SmarTrend recommended that its subscribers protect gains by selling shares of Signet Jewelers on August 30th, 2016 by issuing a Downtrend alert when the shares were trading at $79.66. Since that call, shares of Signet Jewelers have fallen 6.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: bullish inside day candle signet jewelers