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Possible Bearish Inside Day Candle Pattern Detected for Caleres Inc (NYSE:CAL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Caleres Inc (NYSE:CAL) based on the price action in the company's shares. Yesterday's price range of $7.51 and $8.30 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. Owners of Caleres Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Caleres Inc has traded in a range of $3.12 to $27.51 and closed yesterday at $8.11, 160% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 8% while the 200-day MA has slid 1.2%.

Caleres Inc has overhead space with shares priced $8.11, or 76.3% below the average consensus analyst price target of $34.25. The stock should hit resistance at its 200-day moving average (MA) of $17.22, as well as support at its 50-day MA of $7.11.

Caleres Inc manufactures and distributes footwear. The Company offers shoes, sandals, and heel sandals for men, women, and children.

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

Keywords: bearish am inside day candle caleres inc

Ticker(s): CAL