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Possible Bullish Inside Day Candle Pattern Detected for Garmin Ltd (NASDAQ:GRMN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Garmin Ltd (NASDAQ:GRMN) based on the price action in the company's shares. Yesterday's price range of $96.70 and $97.00 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 Garmin Ltd may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Garmin Ltd share prices have moved between a 52-week high of $99.26 and a 52-week low of $63.52 and closed yesterday at 54% above that low price at $97.59 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.4%.

Garmin Ltd (NASDAQ:GRMN) is currently priced 38.4% above its average consensus analyst price target of $60.12. Garmin Ltd shares have support at the 50-day moving average (MA) of $96.89 and additional support at the 200-day MA of $85.75.

Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under its own brand name.

SmarTrend recommended that subscribers consider buying shares of Garmin Ltd on September 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $81.96. Since that recommendation, shares of Garmin Ltd have risen 17.7%. We continue to monitor GRMN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle garmin ltd

Ticker(s): GRMN