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Possible Bearish Inside Day Candle Pattern Detected for Urban Outfitters (NASDAQ:URBN)

Published on Tue, 01/29/2013 - 08:29
By Mallory Stone

Analysts have spotted a possible bearish inside day candle pattern in Urban Outfitters (NASDAQ:URBN) based on the price action in the company's shares. Yesterday's price range of $42.87 and $43.49 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 Urban Outfitters may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Urban Outfitters, Inc. operates retail stores and direct response, including a catalog and Web sites. The Company's Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise. Urban also designs and markets young women's casual wear which it provides to the Company's retail operations and sells to retailers worldwide.

Over the past year, Urban Outfitters has traded in a range of $21.47 to $43.81 and closed yesterday at $43.13, 101% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.2%.

Urban Outfitters has overhead space with shares priced $43.13, or 3.4% below the average consensus analyst price target of $44.66. The stock should discover initial support at its 50-day moving average (MA) of $39.44 and subsequent support at its 200-day MA of $33.88.

By Mallory Stone