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Possible Bullish Inside Day Candle Pattern Detected for Smith & Wesson (NASDAQ:SWHC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Smith & Wesson (NASDAQ:SWHC) based on the price action in the company's shares. Today's price range of $26.25 and $26.42 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 Smith & Wesson may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Smith & Wesson Holding Corporation produces handguns, law enforcement products, and firearm safety and security products. The Company also manufactures handcuffs, and markets Smith & Wesson branded bicycles, apparel, and other products. Smith & Wesson's products are sold to law enforcement personnel, military personnel, target shooters, and collectors throughout the world.

Based on a current price of $26.39, Smith & Wesson is currently 27.4% above its average consensus analyst price target of $19.17. Smith & Wesson shares have support at the 50-day moving average (MA) of $25.03 and additional support at the 200-day MA of $20.64.

Smith & Wesson share prices have moved between a 52-week high of $31.19 and a 52-week low of $14.62 and are now trading 81% above that low price at $26.39 per share. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has declined 0.2%.

SmarTrend is tracking the current trend status for Smith & Wesson and will alert subscribers who have SWHC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle smith & wesson

Ticker(s): SWHC