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

By Shiri Gupta

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 $43.70 and $44.14 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.

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) is currently priced 5.4% above its average consensus analyst price target of $41.67. Herman Miller shares have support at the 50-day moving average (MA) of $43.70 and additional support at the 200-day MA of $38.94.

In the past 52 weeks, shares of Herman Miller have traded between a low of $28.66 and a high of $49.32 and closed yesterday at $44.05, which is 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has risen 0.5%.

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