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Possible Bearish Inside Day Candle Pattern Detected for Regis Corp (NYSE:RGS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Regis Corp (NYSE:RGS) based on the price action in the company's shares. Yesterday's price range of $19.20 and $19.60 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 Regis Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Regis Corp (NYSE:RGS) is currently priced 1.5% above its average consensus analyst price target of $19.00. The stock should find initial support at its 200-day moving average (MA) of $18.15 and further support at its 50-day MA of $17.55.

In the past 52 weeks, Regis Corp share prices have been bracketed by a low of $14.50 and a high of $21.78 and closed yesterday at $19.29, 33% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.1%.

Regis Corporation owns, operates, and franchises hairstyling and hair care salons. The company operates through two operating segments, Company-owned salons and Franchise salons.

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

Keywords: bearish am inside day candle regis corp

Ticker(s): RGS