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Possible Bearish Inside Day Candle Pattern Detected for Haverty Furniture (NYSE:HVT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Haverty Furniture (NYSE:HVT) based on the price action in the company's shares. Yesterday's price range of $23.15 and $23.60 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 Haverty Furniture may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 2.1% exists for Haverty Furniture, based on a current level of $23.50 and analysts' average consensus price target of $24.00. The stock should find initial support at its 200-day moving average (MA) of $21.47 and further support at its 50-day MA of $19.82.

Haverty Furniture Companies, Inc. sells home furnishings. The Company stores are located in southern and central United States. Haverty's offers brand name furniture, such as Broyhill, Thomasville, Lane/Action, La-Z-Boy, and Clayton Marcus.

In the past 52 weeks, Haverty Furniture share prices have been bracketed by a low of $16.57 and a high of $25.50 and closed yesterday at $23.50, 42% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.4%.

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

Keywords: bearish am inside day candle haverty furniture

Ticker(s): HVT