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Possible Bullish Inside Day Candle Pattern Detected for Regis Corp (NYSE:RGS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Regis Corp (NYSE:RGS) based on the price action in the company's shares. Yesterday's price range of $18.06 and $18.54 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 Regis Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Regis Corp has overhead space with shares priced $18.51, or 2.6% below the average consensus analyst price target of $19.00. The stock should find initial resistance at its 200-day moving average (MA) of $18.73 and further resistance at its 50-day MA of $19.46.

Over the past year, Regis Corp has traded in a range of $14.50 to $23.27 and closed yesterday at $18.51, 28% above that low. The 200-day and 50-day moving averages have moved 0.01% lower and 0.72% higher over the past week, respectively.

Regis Corporation owns, operates, and franchises hairstyling and hair care salons. The company operates through two operating segments, Company-owned salons and Franchise salons.

SmarTrend is monitoring the recent change of momentum in Regis Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Regis Corp in search of a potential trend change.

Keywords: bullish am inside day candle regis corp

Ticker(s): RGS