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Possible Bearish Inside Day Candle Pattern Detected for Rent-A-Center (NASDAQ:RCII)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rent-A-Center (NASDAQ:RCII) based on the price action in the company's shares. Today's price range of $22.72 and $22.72 is within yesterday'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 Rent-A-Center may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $22.72, Rent-A-Center is currently 52.2% above its average consensus analyst price target of $10.86. The stock should discover initial support at its 50-day moving average (MA) of $19.90 and subsequent support at its 200-day MA of $16.24.

Rent-A-Center share prices have moved between a 52-week high of $23.75 and a 52-week low of $8.12 and are now trading 180% above that low price at $22.72 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.9%.

Rent-A-Center, Inc. operates franchised and company-owned Rent-A-Center and ColorTyme rent-to-own merchandise stores. The Company's stores offer home electronics, appliances, furniture, and accessories under flexible rental purchase agreements. Rent-A-Center operates across the United States and Puerto Rico.

SmarTrend is tracking the current trend status for Rent-A-Center and will alert subscribers who have RCII in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle rent-a-center

Ticker(s): RCII