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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 $12.61 and $12.95 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.

In the past 52 weeks, Rent-A-Center share prices have been bracketed by a low of $7.76 and a high of $40.80 and are now at $12.83, 65% above that low price. The 200-day and 50-day moving averages have moved 1.52% lower and 1.00% higher over the past week, respectively.

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.

Rent-A-Center (NASDAQ:RCII) is currently priced 31.8% above its average consensus analyst price target of $8.75. Rent-A-Center shares should first meet resistance at the 50-day moving average (MA) of $14.56 and find additional resistance at the 200-day MA of $18.64.

SmarTrend recommended that subscribers consider buying shares of Rent-A-Center on April 11th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.45. Since that recommendation, shares of Rent-A-Center have risen 24.5%. We continue to monitor RCII for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle rent-a-center

Ticker(s): RCII