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Possible Bullish Inside Day Candle Pattern Detected for Ascena Retail Gr (NASDAQ:ASNA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ascena Retail Gr (NASDAQ:ASNA) based on the price action in the company's shares. Yesterday's price range of $0.36 and $0.38 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. Traders and investors interested in shares of Ascena Retail Gr may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Ascena Retail Gr has traded in a range of $0.20 to $4.55 and closed yesterday at $0.38, 90% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 6.2% while the 50-day MA has advanced 5.3%.

Potential upside of 163.2% exists for Ascena Retail Gr, based on a current level of $0.38 and analysts' average consensus price target of $1.00. Ascena Retail Gr shares should encounter resistance at the 200-day moving average (MA) of $1.04 and support at the 50-day MA of $0.33.

Ascena Retail Group, Inc. is a holding company for a national chain of women's apparel specialty stores. The Company's stores operate nationwide and in the District of Columbia.

SmarTrend is tracking the current trend status for Ascena Retail Gr and will alert subscribers who have ASNA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ascena retail gr

Ticker(s): ASNA