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Possible Bullish Inside Day Candle Pattern Detected for Sotheby'S (NYSE:BID)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sotheby'S (NYSE:BID) based on the price action in the company's shares. Yesterday's price range of $57.05 and $57.84 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 Sotheby'S may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sotheby'S (NYSE:BID) has potential upside of 9.0% based on a current price of $57.07 and analysts' consensus price target of $62.20. The stock should discover initial support at its 50-day moving average (MA) of $55.91 and subsequent support at its 200-day MA of $51.41.

Sotheby's auctions fine arts, antiques, and collectibles, offering property in a wide variety of collecting categories. The Company conducts auctions in the United States and other countries. Sotheby's also purchases and resells art, brokers art, markets and brokers luxury residential real estate, provides art-related financing, and restores art.

Sotheby'S share prices have moved between a 52-week high of $60.16 and a 52-week low of $42.78 and closed yesterday at 33% above that low price at $57.07 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Sotheby'S on March 1st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.39. Since that recommendation, shares of Sotheby'S have risen 13.3%. We continue to monitor BID for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle sotheby's

Ticker(s): BID