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Possible Bearish Inside Day Candle Pattern Detected for Signet Jewelers (NYSE:SIG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Signet Jewelers (NYSE:SIG) based on the price action in the company's shares. Yesterday's price range of $26.15 and $26.83 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 Signet Jewelers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Signet Jewelers share prices have moved between a 52-week high of $31.44 and a 52-week low of $10.40 and closed yesterday at 157% above that low price at $26.77 per share. The 200-day and 50-day moving averages have moved 0.36% higher and 3.00% higher over the past week, respectively.

Potential upside of 29.1% exists for Signet Jewelers, based on a current level of $26.77 and analysts' average consensus price target of $34.56. The stock should discover initial support at its 50-day moving average (MA) of $22.58 and subsequent support at its 200-day MA of $18.64.

Signet Jewelers Limited operates as a retail company. The Company, through its subsidiaries, retails jewelry, watches, gifts, and accessories. Signet Jewelers serves customers in the United States, the United Kingdom, Puerto Rico, and Canada.

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

Keywords: bearish am inside day candle signet jewelers

Ticker(s): SIG