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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Regis (NYSE:RGS) based on the price action in the company's shares. Yesterday's price range of $12.27 and $12.47 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 52.9% for shares of Regis based on a current price of $12.43 and an average consensus analyst price target of $19.00. Regis shares should first meet resistance at the 200-day moving average (MA) of $14.43 and find additional resistance at the 50-day MA of $14.90.

Regis Corporation operates and franchises hair and retail product salons. Regis' salons operate under the Regis Hairstylists, Supercuts, MasterCuts, Trade Secret, and SmartStyle banners. The Company operates worldwide.

In the past 52 weeks, Regis share prices have been bracketed by a low of $10.60 and a high of $18.13 and closed yesterday at $12.43, 17% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Regis on April 28th, 2016 by issuing a Downtrend alert when the shares were trading at $14.29. Since that call, shares of Regis have fallen 14.3%. 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 regis

Ticker(s): RGS