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Possible Bearish Inside Day Candle Pattern Detected for La-Z-Boy Inc (NYSE:LZB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in La-Z-Boy Inc (NYSE:LZB) based on the price action in the company's shares. Yesterday's price range of $33.30 and $33.78 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 La-Z-Boy Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, La-Z-Boy Inc share prices have been bracketed by a low of $25.30 and a high of $39.15 and closed yesterday at $33.51, 32% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

La-Z-Boy Inc (NYSE:LZB) has potential upside of 2.5% based on a current price of $33.51 and analysts' consensus price target of $34.33. The stock should discover initial support at its 50-day moving average (MA) of $33.35 and subsequent support at its 200-day MA of $31.10.

La-Z-Boy Incorporated manufactures residential and office upholstered furniture. The Company's product lines include motion, stationary and modular seating, desks, cabinets, conference tables, dining room and bedroom furniture, and book cases. La-Z-Boy markets its products through department and furniture stores, mass merchandisers, and La-Z-Boy showcase galleries.

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

Keywords: bearish am inside day candle la-z-boy inc

Ticker(s): LZB