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Possible Bullish Inside Day Candle Pattern Detected for Rent-A-Center (NASDAQ:RCII)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rent-A-Center (NASDAQ:RCII) based on the price action in the company's shares. Yesterday's price range of $24.23 and $24.61 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 Rent-A-Center may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Rent-A-Center, Inc. operates franchised and company-owned Rent-A-Center and ColorTyme rent-to-own merchandise stores. The Company's stores offer home electronics, appliances, furniture, and accessories under flexible rental purchase agreements. Rent-A-Center operates across the United States and Puerto Rico.

Rent-A-Center (NASDAQ:RCII) is currently priced 55.8% above its average consensus analyst price target of $10.86. The stock should discover initial support at its 50-day moving average (MA) of $24.00 and subsequent support at its 200-day MA of $18.30.

Over the past year, Rent-A-Center has traded in a range of $8.93 to $26.75 and closed yesterday at $24.55, 175% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 1.2% while the 50-day MA has advanced 1.7%.

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

Keywords: bullish am inside day candle rent-a-center

Ticker(s): RCII