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Possible Bullish Inside Day Candle Pattern Detected for Herman Miller (NASDAQ:MLHR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Herman Miller (NASDAQ:MLHR) based on the price action in the company's shares. Yesterday's price range of $47.53 and $48.10 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 Herman Miller may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Herman Miller have traded between a low of $26.99 and a high of $48.40 and closed yesterday at $47.83, which is 77% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 1.0%.

Herman Miller, Inc. researches, designs, manufactures, and distributes interior office furnishings, furniture systems, products, and services. The Company markets its products to companies, organizations, and individuals.

Herman Miller (NASDAQ:MLHR) defies analysts with a current price ($47.83) 12.9% above its average consensus price target of $41.67. Herman Miller shares have support at the 50-day moving average (MA) of $46.14 and additional support at the 200-day MA of $41.00.

SmarTrend is tracking the current trend status for Herman Miller and will alert subscribers who have MLHR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle herman miller

Ticker(s): MLHR