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Possible Bullish Inside Day Candle Pattern Detected for Steelcase Inc-A (NYSE:SCS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Steelcase Inc-A (NYSE:SCS) based on the price action in the company's shares. Yesterday's price range of $15.29 and $15.85 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 Steelcase Inc-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 1.3% for shares of Steelcase Inc-A based on a current price of $15.30 and an average consensus analyst price target of $15.50. Steelcase Inc-A shares should first meet resistance at the 200-day moving average (MA) of $15.75 and find additional resistance at the 50-day MA of $16.94.

Steelcase Inc. designs and manufactures products used to create high performance work environments. The Company's products include office furniture, furniture systems, interior architectural products, technology products, seating, and related products and services. Steelcase has operations in various countries.

In the past 52 weeks, shares of Steelcase Inc-A have traded between a low of $13.10 and a high of $19.35 and closed yesterday at $15.30, which is 17% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

SmarTrend is tracking the current trend status for Steelcase Inc-A and will alert subscribers who have SCS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle steelcase inc-a

Ticker(s): SCS