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

By Amy Schwartz

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. Today's price range of $26.28 and $26.52 is within yesterday'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 share prices have moved between a 52-week high of $32.93 and a 52-week low of $21.94 and are now trading 21% above that low price at $26.45 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.

Potential upside of 9.9% exists for Sally Beauty Holdings, based on a current level of $26.45 and analysts' average consensus price target of $29.08. The stock should run into initial resistance at its 200-day moving average (MA) of $27.66 and subsequent resistance at its 50-day MA of $31.49.

SmarTrend recommended that its subscribers protect gains by selling shares of Sally Beauty Holdings on August 4th, 2016 by issuing a Downtrend alert when the shares were trading at $27.43. Since that call, shares of Sally Beauty Holdings have fallen 4.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle sally beauty holdings

Ticker(s): SBH