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Possible Bullish Inside Day Candle Pattern Detected for La-Z-Boy Inc (NYSE:LZB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in La-Z-Boy Inc (NYSE:LZB) based on the price action in the company's shares. Yesterday's price range of $30.25 and $31.58 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 La-Z-Boy Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

La-Z-Boy Incorporated manufactures residential and office upholstered furniture. The Company's product lines include motion, stationary and modular seating, desks, cabinets, conference tables, dining room and bedroom furniture, and book cases. La-Z-Boy markets its products through department and furniture stores, mass merchandisers, and La-Z-Boy showcase galleries.

La-Z-Boy Inc (NYSE:LZB) has potential upside of 8.9% based on a current price of $31.52 and analysts' consensus price target of $34.33. The stock should find initial support at its 50-day moving average (MA) of $31.46 and further support at its 200-day MA of $31.21.

Over the past year, La-Z-Boy Inc has traded in a range of $25.30 to $39.15 and closed yesterday at $31.52, 25% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of La-Z-Boy Inc on May 31st, 2019 by issuing a Downtrend alert when the shares were trading at $31.74. Since that call, shares of La-Z-Boy Inc have fallen 5.4%. 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 la-z-boy inc

Ticker(s): LZB