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Possible Bullish Inside Day Candle Pattern Detected for Container Store (NYSE:TCS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Container Store (NYSE:TCS) based on the price action in the company's shares. Yesterday's price range of $5.47 and $5.69 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. Traders and investors interested in shares of Container Store may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Container Store Group, Inc. operates specialty retail stores. The Company offers storage, organizational products and solutions. Container Store Group owns and operates its retail stores throughout the United States.

Potential upside of 0.3% exists for Container Store, based on a current level of $5.49 and analysts' average consensus price target of $5.50. The stock should find initial resistance at its 200-day moving average (MA) of $7.90 and further resistance at its 50-day MA of $8.23.

In the past 52 weeks, Container Store share prices have been bracketed by a low of $3.57 and a high of $12.42 and closed yesterday at $5.49, 54% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 3.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Container Store on October 23rd, 2018 by issuing a Downtrend alert when the shares were trading at $9.89. Since that call, shares of Container Store have fallen 44.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle container store

Ticker(s): TCS