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Possible Bullish Inside Day Candle Pattern Detected for Big Lots (NYSE:BIG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Big Lots (NYSE:BIG) based on the price action in the company's shares. Today's price range of $48.89 and $49.32 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. Traders and investors interested in shares of Big Lots may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Big Lots, Inc. is a broadline closeout retailer that operates stores across the United States. The Company's stores offer an assortment of merchandise, including consumables, seasonal products,furniture, housewares, toys, and gifts.

Big Lots (NYSE:BIG) has potential upside of 15.8% based on a current price of $49.32 and analysts' consensus price target of $57.10. The stock should discover initial support at its 50-day moving average (MA) of $44.87 and subsequent support at its 200-day MA of $43.26.

In the past 52 weeks, shares of Big Lots have traded between a low of $33.78 and a high of $56.30 and are now at $49.32, which is 46% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

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

Keywords: bullish inside day candle big lots

Ticker(s): BIG