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Possible Bullish Inside Day Candle Pattern Detected for Leggett & Platt (NYSE:LEG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Leggett & Platt (NYSE:LEG) based on the price action in the company's shares. Yesterday's price range of $28.11 and $29.16 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 Leggett & Platt may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Leggett & Platt (NYSE:LEG) has potential upside of 96.2% based on a current price of $26.87 and analysts' consensus price target of $52.71. The stock should run into initial resistance at its 50-day moving average (MA) of $30.26 and subsequent resistance at its 200-day MA of $41.78.

Leggett & Platt share prices have moved between a 52-week high of $55.35 and a 52-week low of $22.03 and closed yesterday at 22% above that low price at $26.87 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 3.3%.

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

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

Keywords: bullish am inside day candle leggett & platt

Ticker(s): LEG