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Possible Bearish Inside Day Candle Pattern Detected for Tile Shop Hldgs (NASDAQ:TTS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tile Shop Hldgs (NASDAQ:TTS) based on the price action in the company's shares. Yesterday's price range of $2.89 and $2.99 is within the prior day'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 Tile Shop Hldgs may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tile Shop Hldgs (NASDAQ:TTS) has potential upside of 116.7% based on a current price of $2.96 and analysts' consensus price target of $6.41. The stock should run into initial resistance at its 50-day moving average (MA) of $3.12 and subsequent resistance at its 200-day MA of $5.02.

Tile Shop Holdings, Inc. operates as a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories in the United States. It offers approximately 4,000 products, including marble, travertine, granite, quartz, sandstone, slate, and onyx tiles; and ceramic, porcelain, glass, cement, wood look, and metal tiles primarily under the Rush River and Fired Earth brands.

In the past 52 weeks, shares of Tile Shop Hldgs have traded between a low of $2.25 and a high of $8.20 and closed yesterday at $2.96, which is 32% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 3.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Tile Shop Hldgs on February 19th, 2019 by issuing a Downtrend alert when the shares were trading at $6.61. Since that call, shares of Tile Shop Hldgs have fallen 54.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle tile shop hldgs

Ticker(s): TTS