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Possible Bearish Inside Day Candle Pattern Detected for Sally Beauty Hol (NYSE:SBH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sally Beauty Hol (NYSE:SBH) based on the price action in the company's shares. Today's price range of $8.64 and $8.85 is within yesterday'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 Sally Beauty Hol may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sally Beauty Hol has overhead space with shares priced $8.80, or 45.2% below the average consensus analyst price target of $16.06. Sally Beauty Hol shares should first meet resistance at the 50-day moving average (MA) of $11.67 and find additional resistance at the 200-day MA of $14.36.

In the past 52 weeks, shares of Sally Beauty Hol have traded between a low of $6.28 and a high of $21.98 and are now at $8.80, which is 40% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 4%.

Sally Beauty Holdings, Inc. distributes and retails beauty products. The Company distributes products directly to salons and retails beauty products through a chain of cash and carry stores.

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

Keywords: bearish inside day candle sally beauty hol

Ticker(s): SBH