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Possible Bullish Inside Day Candle Pattern Detected for Leggett & Platt (NYSE:LEG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Leggett & Platt (NYSE:LEG) based on the price action in the company's shares. Today's price range of $52.54 and $52.99 is within yesterday'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 Leggett & Platt may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $52.54, Leggett & Platt is currently 1.5% above its average consensus analyst price target of $51.75. The stock should find initial support at its 50-day moving average (MA) of $47.66 and further support at its 200-day MA of $44.91.

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

Leggett & Platt share prices have moved between a 52-week high of $54.97 and a 52-week low of $36.64 and are now trading 43% above that low price at $52.54 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

SmarTrend recommended that subscribers consider buying shares of Leggett & Platt on February 27th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $49.45. Since that recommendation, shares of Leggett & Platt have risen 6.2%. We continue to monitor LEG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle leggett & platt

Ticker(s): LEG