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Possible Bullish Inside Day Candle Pattern Detected for Conn's (NASDAQ:CONN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Conn's (NASDAQ:CONN) based on the price action in the company's shares. Today's price range of $7.15 and $7.39 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 Conn's may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Conn's has overhead space with shares priced $7.15, or 81.3% below the average consensus analyst price target of $38.25. The stock should run into initial resistance at its 50-day moving average (MA) of $14.78 and subsequent resistance at its 200-day MA of $21.64.

In the past 52 weeks, shares of Conn's have traded between a low of $6.70 and a high of $43.95 and are now at $7.15, which is 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.2% while the 200-day MA has slid 2.3%.

Conn's, Inc. is a specialty retailer of home appliances and consumer electronics through stores in Texas and Louisiana, and via its website. Conn's also offers home office equipment, lawn and garden products, and other home products such as bedding.

SmarTrend recommended that its subscribers protect gains by selling shares of Conn's on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $11.84. Since that call, shares of Conn's have fallen 42.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle conn's

Ticker(s): CONN