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Possible Bearish Inside Day Candle Pattern Detected for Ethan Allen (NYSE:ETH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ethan Allen (NYSE:ETH) based on the price action in the company's shares. Yesterday's price range of $19.35 and $19.35 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 Ethan Allen may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Ethan Allen has traded in a range of $16.90 to $25.55 and closed yesterday at $19.34, 14% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.3%.

Ethan Allen has overhead space with shares priced $19.34, or 24.9% below the average consensus analyst price target of $25.75. The stock should hit resistance at its 200-day moving average (MA) of $21.03, as well as support at its 50-day MA of $19.16.

Ethan Allen Interiors Inc. designs, manufactures, sources, sells, and distributes a range of home furnishings and accessories. The Company offers a variety of products including case goods items, such as beds, dressers, tables, chairs, buffets, entertainment units, home office furniture, and wooden accents. Ethan Allen Interiors serves clients worldwide.

SmarTrend is tracking the current trend status for Ethan Allen and will alert subscribers who have ETH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle ethan allen

Ticker(s): ETH