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Possible Bullish Inside Day Candle Pattern Detected for Select Comfort (NASDAQ:SCSS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Select Comfort (NASDAQ:SCSS) based on the price action in the company's shares. Yesterday's price range of $20.57 and $20.99 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 Select Comfort may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Select Comfort share prices have moved between a 52-week high of $32.36 and a 52-week low of $14.28 and closed yesterday at 45% above that low price at $20.69 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 3.1%.

Select Comfort (NASDAQ:SCSS) has potential upside of 34.0% based on a current price of $20.69 and analysts' consensus price target of $27.71. The stock should hit resistance at its 200-day moving average (MA) of $21.84, as well as support at its 50-day MA of $19.83.

Select Comfort Corporation designs, manufactures, and markets a line of air bed mattresses with adjustable firmness, as well as foundations and accessories. The Company's products are sold through retail stores located across the United States and through its national direct marketing operations.

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

Keywords: bullish am inside day candle select comfort

Ticker(s): SCSS