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

By James Quinn

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 $26.66 and $27.64 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.

In the past 52 weeks, shares of Rent-A-Center have traded between a low of $16.42 and a high of $31.14 and closed yesterday at $26.63, which is 62% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.5%.

Rent-A-Center (NASDAQ:RCII) defies analysts with a current price ($26.63) 59.2% above its average consensus price target of $10.86. The stock should hit resistance at its 50-day moving average (MA) of $28.32, as well as support at its 200-day MA of $26.13.

SmarTrend is tracking the current trend status for Rent-A-Center and will alert subscribers who have RCII in their portfolio or watchlist when shares have changed trend direction.

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

Ticker(s): RCII