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Possible Bearish Inside Day Candle Pattern Detected for Aramark (NYSE:ARMK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Aramark (NYSE:ARMK) based on the price action in the company's shares. Yesterday's price range of $43.87 and $44.40 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 Aramark may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Aramark provides food and facilities management services. The Company offers uniform, refreshments, work apparel, and cleanroom services to healthcare institutions, universities, school districts, stadiums, and businesses. Aramark serves clients worldwide.

In the past 52 weeks, shares of Aramark have traded between a low of $25.49 and a high of $45.69 and closed yesterday at $43.88, which is 72% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.4%.

Potential upside of 8.8% exists for Aramark, based on a current level of $43.88 and analysts' average consensus price target of $47.75. The stock should discover initial support at its 50-day moving average (MA) of $43.35 and subsequent support at its 200-day MA of $36.30.

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

Keywords: bearish am inside day candle aramark

Ticker(s): ARMK