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Possible Bullish Inside Day Candle Pattern Detected for Urban Outfitter (NASDAQ:URBN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Urban Outfitter (NASDAQ:URBN) based on the price action in the company's shares. Yesterday's price range of $38.39 and $39.13 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 Urban Outfitter may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Urban Outfitter share prices have moved between a 52-week high of $40.80 and a 52-week low of $16.19 and closed yesterday at 140% above that low price at $38.83 per share. The 200-day and 50-day moving averages have moved 0.45% lower and 0.59% higher over the past week, respectively.

Urban Outfitters, Inc. operates retail stores and direct response, including a catalog and Web sites. The Company's Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise. Urban also designs and markets young women's casual wear which it provides to the Company's retail operations and sells to retailers worldwide.

Urban Outfitter (NASDAQ:URBN) is currently priced 10.9% above its average consensus analyst price target of $34.59. Urban Outfitter shares have support at the 50-day moving average (MA) of $30.93 and additional support at the 200-day MA of $27.99.

SmarTrend recommended that subscribers consider buying shares of Urban Outfitter on February 23rd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.35. Since that recommendation, shares of Urban Outfitter have risen 5.5%. We continue to monitor URBN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle urban outfitter

Ticker(s): URBN