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Possible Bearish Inside Day Candle Pattern Detected for Leggett & Platt (NYSE:LEG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Leggett & Platt (NYSE:LEG) based on the price action in the company's shares. Yesterday's price range of $36.95 and $37.52 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 Leggett & Platt may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 40.0% for shares of Leggett & Platt based on a current price of $37.65 and an average consensus analyst price target of $52.71. The stock should find initial resistance at its 50-day moving average (MA) of $40.20 and further resistance at its 200-day MA of $40.84.

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

Over the past year, Leggett & Platt has traded in a range of $33.48 to $46.71 and closed yesterday at $37.65, 12% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Leggett & Platt on March 14th, 2019 by issuing a Downtrend alert when the shares were trading at $43.05. Since that call, shares of Leggett & Platt have fallen 12.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle leggett & platt

Ticker(s): LEG