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Possible Bearish Inside Day Candle Pattern Detected for Williams-Sonoma (NYSE:WSM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Williams-Sonoma (NYSE:WSM) based on the price action in the company's shares. Yesterday's price range of $73.66 and $74.37 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 Williams-Sonoma may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Williams-Sonoma share prices have moved between a 52-week high of $77.00 and a 52-week low of $50.14 and closed yesterday at 48% above that low price at $74.09 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.4%.

Williams-Sonoma (NYSE:WSM) defies analysts with a current price ($74.09) 27.2% above its average consensus price target of $53.94. Williams-Sonoma shares have support at the 50-day moving average (MA) of $72.71 and additional support at the 200-day MA of $66.27.

Williams-Sonoma, Inc. retails cooking and serving equipment, home furnishings, and home accessories through retail stores, mail order catalogs, and e-commerce.

SmarTrend is monitoring the recent change of momentum in Williams-Sonoma. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Williams-Sonoma in search of a potential trend change.

Keywords: bearish am inside day candle Williams-Sonoma

Ticker(s): WSM