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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Steven Madden (NASDAQ:SHOO) based on the price action in the company's shares. Yesterday's price range of $42.11 and $42.71 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 Steven Madden may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children worldwide. Its Wholesale Footwear segment provides footwear under the Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Madden NYC, Report, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Superga, Betsey Johnson, Betseyville, Steve Madden Kids, Stevies, Brian Atwood, Blondo, Kate Spade, and Anne Klein brands, as well as private label footwear.

In the past 52 weeks, Steven Madden share prices have been bracketed by a low of $27.88 and a high of $42.89 and closed yesterday at $42.55, 53% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.9%.

Steven Madden (NASDAQ:SHOO) has potential upside of 23.9% based on a current price of $42.55 and analysts' consensus price target of $52.70. The stock should find initial support at its 50-day moving average (MA) of $35.64 and further support at its 200-day MA of $33.48.

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: bearish am inside day candle steven madden

Ticker(s): SHOO