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Possible Bearish Inside Day Candle Pattern Detected for Select Comfort (NASDAQ:SCSS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Select Comfort (NASDAQ:SCSS) based on the price action in the company's shares. Today's price range of $32.54 and $33.12 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 Select Comfort 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, Select Comfort share prices have been bracketed by a low of $14.28 and a high of $33.29 and are now at $32.80, 130% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.1% while the 200-day MA has slid 0.4%.

Select Comfort (NASDAQ:SCSS) is currently priced 29.9% above its average consensus analyst price target of $23.00. Select Comfort shares have support at the 200-day moving average (MA) of $21.84 and additional support at the 50-day MA of $19.83.

Select Comfort Corporation designs, manufactures, and markets a line of air bed mattresses with adjustable firmness, as well as foundations and accessories. The Company's products are sold through retail stores located across the United States and through its national direct marketing operations.

SmarTrend recommended that subscribers consider buying shares of Select Comfort on February 16th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.51. Since that recommendation, shares of Select Comfort have risen 47.4%. We continue to monitor SCSS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle select comfort

Ticker(s): SCSS