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Possible Bearish Inside Day Candle Pattern Detected for Harley-Davidson (NYSE:HOG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Harley-Davidson (NYSE:HOG) based on the price action in the company's shares. Yesterday's price range of $22.73 and $24.06 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 Harley-Davidson may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Harley-Davidson share prices have been bracketed by a low of $14.31 and a high of $40.86 and closed yesterday at $21.83, 53% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 4.4%.

Harley-Davidson has overhead space with shares priced $21.83, or 55.3% below the average consensus analyst price target of $48.79. The stock should run into initial resistance at its 50-day moving average (MA) of $22.35 and subsequent resistance at its 200-day MA of $32.26.

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles. The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise. Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

SmarTrend is tracking the current trend status for Harley-Davidson and will alert subscribers who have HOG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Harley-Davidson

Ticker(s): HOG