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Possible Bullish Inside Day Candle Pattern Detected for Herman Miller (NASDAQ:MLHR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Herman Miller (NASDAQ:MLHR) based on the price action in the company's shares. Yesterday's price range of $18.03 and $19.33 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 Herman Miller may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Herman Miller share prices have moved between a 52-week high of $49.87 and a 52-week low of $14.39 and closed yesterday at 32% above that low price at $19.00 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 5.9%.

There is potential upside of 119.3% for shares of Herman Miller based on a current price of $19.00 and an average consensus analyst price target of $41.67. The stock should run into initial resistance at its 50-day moving average (MA) of $31.80 and subsequent resistance at its 200-day MA of $41.17.

Herman Miller, Inc. researches, designs, manufactures, and distributes interior office furnishings, furniture systems, products, and services. The Company markets its products to companies, organizations, and individuals.

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

Keywords: bullish am inside day candle herman miller

Ticker(s): MLHR