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Possible Bearish Inside Day Candle Pattern Detected for Hni Corp (NYSE:HNI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hni Corp (NYSE:HNI) based on the price action in the company's shares. Yesterday's price range of $39.70 and $40.36 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 Hni Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

HNI Corporation manufactures and markets office furniture as well as hearth products. The Company's products are sold primarily through dealers, wholesalers, and retail superstores. HNI has operations in the United States and Canada.

There is potential upside of 18.3% for shares of Hni Corp based on a current price of $39.74 and an average consensus analyst price target of $47.00. Hni Corp shares have support at the 50-day moving average (MA) of $38.00 and additional support at the 200-day MA of $35.94.

In the past 52 weeks, Hni Corp share prices have been bracketed by a low of $29.90 and a high of $42.90 and closed yesterday at $39.74, 33% above that low price. The 200-day and 50-day moving averages have moved 0.15% higher and 0.15% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Hni Corp and will alert subscribers who have HNI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle hni corp

Ticker(s): HNI