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Possible Bearish Inside Day Candle Pattern Detected for Pier 1 Imports (NYSE:PIR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pier 1 Imports (NYSE:PIR) based on the price action in the company's shares. Yesterday's price range of $4.22 and $4.31 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 Pier 1 Imports 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 Pier 1 Imports have traded between a low of $3.73 and a high of $9.68 and closed yesterday at $4.22, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has advanced 2.0%.

Pier 1 Imports (NYSE:PIR) is currently priced 3.9% above its average consensus analyst price target of $4.05. The stock should find initial resistance at its 50-day moving average (MA) of $6.47 and further resistance at its 200-day MA of $7.15.

Pier 1 Imports, Inc. retails decorative home furnishings, gifts, and related items. Pier 1 stores are located in the United States, Puerto Rico, Canada, the United Kingdom, and Mexico.

SmarTrend is monitoring the recent change of momentum in Pier 1 Imports. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Pier 1 Imports in search of a potential trend change.

Keywords: bearish am inside day candle Pier 1 Imports

Ticker(s): PIR