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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sally Beauty Holdings (NYSE:SBH) based on the price action in the company's shares. Yesterday's price range of $29.23 and $29.44 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 Holdings 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 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.

Sally Beauty Holdings (NYSE:SBH) is currently priced 1.2% above its average consensus analyst price target of $29.08. The stock should find resistance at its 50-day moving average (MA) of $31.49, as well as support at its 200-day MA of $27.66.

Sally Beauty Holdings share prices have moved between a 52-week high of $32.93 and a 52-week low of $21.94 and closed yesterday at 34% above that low price at $29.43 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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

Keywords: bullish am inside day candle sally beauty holdings

Ticker(s): SBH