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Possible Bearish Inside Day Candle Pattern Detected for Big Lots Inc (NYSE:BIG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Big Lots Inc (NYSE:BIG) based on the price action in the company's shares. Yesterday's price range of $21.60 and $22.08 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. Owners of Big Lots Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Big Lots Inc has traded in a range of $19.83 to $45.13 and closed yesterday at $22.00, 11% above that low. The 200-day and 50-day moving averages have moved 0.31% lower and 0.86% lower over the past week, respectively.

Big Lots Inc (NYSE:BIG) has potential upside of 151.7% based on a current price of $22.00 and analysts' consensus price target of $55.36. The stock should find initial resistance at its 50-day moving average (MA) of $22.42 and further resistance at its 200-day MA of $29.46.

Big Lots, Inc. is a broadline closeout retailer that operates stores across the United States. The Company's stores offer an assortment of merchandise, including consumables, seasonal products, furniture, housewares, toys, and gifts.

SmarTrend is tracking the current trend status for Big Lots Inc and will alert subscribers who have BIG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle big lots inc

Ticker(s): BIG