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Possible Bullish Inside Day Candle Pattern Detected for Shoe Carnival (NASDAQ:SCVL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Shoe Carnival (NASDAQ:SCVL) based on the price action in the company's shares. Yesterday's price range of $36.35 and $37.56 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 Shoe Carnival may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Shoe Carnival (NASDAQ:SCVL) is currently priced 23.1% above its average consensus analyst price target of $28.20. The stock should discover initial support at its 50-day moving average (MA) of $35.10 and subsequent support at its 200-day MA of $31.38.

Shoe Carnival, Inc., a retailer of family footwear, operates primarily in the Midwest, South, and Southeastern regions of the United States. The Company seeks to create a carnival-like atmosphere in each of its stores by decorating with bright lights, colors, and neon signs.

In the past 52 weeks, shares of Shoe Carnival have traded between a low of $21.47 and a high of $41.84 and closed yesterday at $36.68, which is 71% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of Shoe Carnival on August 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.94. Since that recommendation, shares of Shoe Carnival have risen 25.2%. We continue to monitor SCVL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle shoe carnival

Ticker(s): SCVL