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

By James Quinn

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 $32.76 and $33.31 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.

In the past 52 weeks, Steven Madden share prices have been bracketed by a low of $27.88 and a high of $39.30 and closed yesterday at $33.31, 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

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.

There is potential upside of 58.2% for shares of Steven Madden based on a current price of $33.31 and an average consensus analyst price target of $52.70. The stock should find resistance at its 200-day moving average (MA) of $33.51, as well as support at its 50-day MA of $33.28.

SmarTrend is tracking the current trend status for Steven Madden and will alert subscribers who have SHOO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle steven madden

Ticker(s): SHOO