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Possible Bearish Inside Day Candle Pattern Detected for Rh (NYSE:RH)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rh (NYSE:RH) based on the price action in the company's shares. Yesterday's price range of $171.33 and $174.99 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. Owners of Rh may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Rh (NYSE:RH) is currently priced 38.2% above its average consensus analyst price target of $107.32. The stock should find initial support at its 50-day moving average (MA) of $153.11 and further support at its 200-day MA of $128.21.

Rh share prices have moved between a 52-week high of $178.18 and a 52-week low of $84.11 and closed yesterday at 107% above that low price at $173.75 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 0.6%.

RH distributes home furnishing products. The Company offers products such as furniture, lighting, textiles, bathware, decor, outdoor, and garden, as well as baby and child products. RH distributes its products through retail stores, catalogs, and websites.

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

Keywords: bearish am inside day candle

Ticker(s): RH