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Possible Bullish Inside Day Candle Pattern Detected for Steven Madden (NASDAQ:SHOO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Steven Madden (NASDAQ:SHOO) based on the price action in the company's shares. Yesterday's price range of $41.59 and $42.17 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 Steven Madden may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Steven Madden has overhead space with shares priced $41.86, or 20.6% below the average consensus analyst price target of $52.70. The stock should hit resistance at its 50-day moving average (MA) of $42.73, as well as support at its 200-day MA of $35.94.

Steven Madden share prices have moved between a 52-week high of $44.80 and a 52-week low of $28.95 and closed yesterday at 45% above that low price at $41.86 per share. The 200-day and 50-day moving averages have moved 0.21% higher and 0.11% lower over the past week, respectively.

Steven Madden, Ltd. designs and markets fashion footwear for women. The Company's shoes are sold through Steve Madden retail stores, department stores, apparel and footwear specialty stores, and online. Steven Madden has licensees, including sportswear and jeans, outerwear, intimate apparel, eyewear, hosiery, and jewelry, and owns and operates a retail store under its David Aaron brand.

SmarTrend recommended that subscribers consider buying shares of Steven Madden on August 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.68. Since that recommendation, shares of Steven Madden have risen 27.1%. We continue to monitor SHOO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle steven madden

Ticker(s): SHOO