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Possible Bearish Inside Day Candle Pattern Detected for Sally Beauty Hol (NYSE:SBH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sally Beauty Hol (NYSE:SBH) based on the price action in the company's shares. Today's price range of $17.52 and $17.69 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 Sally Beauty Hol may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sally Beauty Holdings, Inc. distributes and retails beauty products. The Company distributes products directly to salons and retails beauty products through a chain of cash and carry stores.

Sally Beauty Hol share prices have moved between a 52-week high of $20.62 and a 52-week low of $13.72 and are now trading 28% above that low price at $17.60 per share. The 200-day and 50-day moving averages have moved 0.14% higher and 0.63% higher over the past week, respectively.

Sally Beauty Hol (NYSE:SBH) defies analysts with a current price ($17.60) 8.8% above its average consensus price target of $16.06. Sally Beauty Hol shares have support at the 200-day moving average (MA) of $16.36 and additional support at the 50-day MA of $15.53.

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

Keywords: bearish inside day candle sally beauty hol

Ticker(s): SBH