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Possible Bullish Inside Day Candle Pattern Detected for Resources Connec (NASDAQ:RECN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Resources Connec (NASDAQ:RECN) based on the price action in the company's shares. Yesterday's price range of $15.98 and $16.17 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 Resources Connec 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, Resources Connec share prices have been bracketed by a low of $12.05 and a high of $19.80 and closed yesterday at $16.09, 34% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

Resources Connection Inc is a professional services firm. The Company provides accounting and finance, human resources management, and information technology professionals to clients on a project-by-project basis. Resources assists its clients with discrete projects requiring specialized expertise, compensation program design, and transitions of management information system.

There is potential upside of 5.7% for shares of Resources Connec based on a current price of $16.09 and an average consensus analyst price target of $17.00. The stock should find initial support at its 200-day moving average (MA) of $16.03 and further support at its 50-day MA of $15.88.

SmarTrend is tracking the current trend status for Resources Connec and will alert subscribers who have RECN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle resources connec

Ticker(s): RECN