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Possible Bullish Inside Day Candle Pattern Detected for Ethan Allen (NYSE:ETH)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ethan Allen (NYSE:ETH) based on the price action in the company's shares. Yesterday's price range of $23.75 and $24.30 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 Ethan Allen may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ethan Allen has overhead space with shares priced $24.15, or 6.2% below the average consensus analyst price target of $25.75. The stock should hit resistance at its 200-day moving average (MA) of $27.08, as well as support at its 50-day MA of $23.21.

In the past 52 weeks, Ethan Allen share prices have been bracketed by a low of $21.50 and a high of $33.13 and closed yesterday at $24.15, 12% above that low price. The 200-day and 50-day moving averages have moved 0.43% lower and 0.01% lower over the past week, respectively.

Ethan Allen Interiors Inc. designs, manufactures, sources, sells, and distributes a range of home furnishings and accessories. The Company offers a variety of products including case goods items, such as beds, dressers, tables, chairs, buffets, entertainment units, home office furniture, and wooden accents. Ethan Allen Interiors serves clients worldwide.

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

Keywords: bullish am inside day candle ethan allen

Ticker(s): ETH