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

By Amy Schwartz

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 $51.24 and $51.84 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.

In the past 52 weeks, Leggett & Platt share prices have been bracketed by a low of $36.64 and a high of $54.62 and are now at $51.57, 41% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.

Leggett & Platt (NYSE:LEG) is currently priced 8.9% above its average consensus analyst price target of $47.00. Leggett & Platt shares have support at the 50-day moving average (MA) of $47.66 and additional support at the 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.

SmarTrend recommended that subscribers consider buying shares of Leggett & Platt on February 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.38. Since that recommendation, shares of Leggett & Platt have risen 23.7%. 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