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Possible Bearish Inside Day Candle Pattern Detected for Herman Miller (NASDAQ:MLHR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Herman Miller (NASDAQ:MLHR) based on the price action in the company's shares. Yesterday's price range of $38.09 and $38.62 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 Herman Miller 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 8.1% exists for Herman Miller, based on a current level of $38.56 and analysts' average consensus price target of $41.67. The stock should find initial support at its 50-day moving average (MA) of $36.32 and further support at its 200-day MA of $35.44.

Over the past year, Herman Miller has traded in a range of $28.66 to $41.84 and closed yesterday at $38.56, 35% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Herman Miller, Inc. researches, designs, manufactures, and distributes interior office furnishings, furniture systems, products, and services. The Company markets its products to companies, organizations, and individuals.

SmarTrend is monitoring the recent change of momentum in Herman Miller. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Herman Miller in search of a potential trend change.

Keywords: bearish am inside day candle herman miller

Ticker(s): MLHR