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Possible Bearish Inside Day Candle Pattern Detected for Rh (NYSE:RH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rh (NYSE:RH) based on the price action in the company's shares. Today's price range of $137.06 and $143.20 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 Rh 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 Rh have traded between a low of $44.00 and a high of $164.49 and are now at $137.76, which is 213% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.7% while the 50-day MA has advanced 3.6%.

RH distributes home furnishing products. The Company offers products such as furniture, lighting, textiles, bathware, decor, outdoor, and garden, as well as baby and child products. RH distributes its products through retail stores, catalogs, and websites.

Rh (NYSE:RH) is currently priced 22.1% above its average consensus analyst price target of $107.32. The stock should discover initial support at its 50-day moving average (MA) of $122.34 and subsequent support at its 200-day MA of $97.45.

SmarTrend recommended that subscribers consider buying shares of Rh on March 28th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $90.53. Since that recommendation, shares of Rh have risen 58.2%. We continue to monitor RH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle

Ticker(s): RH