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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 $32.66 and $33.22 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, shares of La-Z-Boy Inc have traded between a low of $25.30 and a high of $36.63 and closed yesterday at $33.05, which is 31% above that low price. The 200-day and 50-day moving averages have moved 0.15% higher and 0.22% higher over the past week, respectively.

There is potential upside of 3.9% for shares of La-Z-Boy Inc based on a current price of $33.05 and an average consensus analyst price target of $34.33. The stock should discover initial support at its 50-day moving average (MA) of $31.61 and subsequent support at its 200-day MA of $31.34.

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 tracking the current trend status for La-Z-Boy Inc and will alert subscribers who have LZB in their portfolio or watchlist when shares have changed trend direction.

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

Ticker(s): LZB