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Possible Bullish Inside Day Candle Pattern Detected for hhgregg (NYSE:HGG)

Published on Wed, 06/26/2013 - 07:34
By Adrienne Chilton

Analyzing the price chart for hhgregg (NYSE:HGG) has revealed a potential bullish inside day candle pattern. Yesterday's price range of $15.07 and $15.47 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 hhgregg may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

hhgregg (NYSE:HGG) defies analysts with a current price ($15.26) 16.9% above its average consensus price target of $12.69. The stock should discover initial support at its 50-day moving average (MA) of $15.02 and subsequent support at its 200-day MA of $10.20.

Over the past year, hhgregg has traded in a range of $5.84 to $17.71 and closed yesterday at $15.26, 161% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.2% while the 50-day MA has advanced 1.1%.

hhgregg, Inc. retails video products, brand name appliances, audio products and accessories.

By Adrienne Chilton
achilton@fnno.com