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Possible Bullish Inside Day Candle Pattern Detected for Sally Beauty Hol (NYSE:SBH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sally Beauty Hol (NYSE:SBH) based on the price action in the company's shares. Yesterday's price range of $15.31 and $15.70 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 Sally Beauty Hol may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sally Beauty Hol has overhead space with shares priced $15.44, or 3.8% below the average consensus analyst price target of $16.06. The stock should find initial resistance at its 200-day moving average (MA) of $15.64 and further resistance at its 50-day MA of $18.04.

In the past 52 weeks, shares of Sally Beauty Hol have traded between a low of $11.46 and a high of $21.98 and closed yesterday at $15.44, which is 35% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.2%.

Sally Beauty Holdings, Inc. distributes and retails beauty products. The Company distributes products directly to salons and retails beauty products through a chain of cash and carry stores.

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

Keywords: bullish am inside day candle sally beauty hol

Ticker(s): SBH