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Possible Bearish Inside Day Candle Pattern Detected for Aaron's (NYSE:AAN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Aaron's (NYSE:AAN) based on the price action in the company's shares. Yesterday's price range of $21.54 and $22.02 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 Aaron's may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Aaron's, Inc. rents and sells office and residential furniture and accessories, consumer electronics, and household appliances. The Company also manufactures furniture, bedding, and accessories. Aaron's has Company-owned and franchised centers in the United States.

Aaron's share prices have moved between a 52-week high of $40.80 and a 52-week low of $20.24 and closed yesterday at 8% above that low price at $21.89 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.8%.

There is potential upside of 45.7% for shares of Aaron's based on a current price of $21.89 and an average consensus analyst price target of $31.90. The stock should find initial resistance at its 50-day moving average (MA) of $25.06 and further resistance at its 200-day MA of $28.65.

SmarTrend is tracking the current trend status for Aaron's and will alert subscribers who have AAN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle aaron's

Ticker(s): AAN