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Possible Bullish Inside Day Candle Pattern Detected for Fossil Group Inc (NASDAQ:FOSL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fossil Group Inc (NASDAQ:FOSL) based on the price action in the company's shares. Yesterday's price range of $6.91 and $7.05 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 Fossil Group Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 120.6% for shares of Fossil Group Inc based on a current price of $6.95 and an average consensus analyst price target of $15.33. The stock should find initial resistance at its 50-day moving average (MA) of $9.96 and further resistance at its 200-day MA of $11.78.

In the past 52 weeks, shares of Fossil Group Inc have traded between a low of $6.83 and a high of $21.60 and closed yesterday at $6.95, which is 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 4%.

Fossil Group, Inc. designs, develops, markets, and distributes consumer fashion accessories. The Company's products include an extensive line of men and women fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, and apparel.

SmarTrend recommended that its subscribers protect gains by selling shares of Fossil Group Inc on September 18th, 2019 by issuing a Downtrend alert when the shares were trading at $12.04. Since that call, shares of Fossil Group Inc have fallen 40.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle fossil group inc

Ticker(s): FOSL