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Possible Bearish Inside Day Candle Pattern Detected for Blue Buffalo Pet (NASDAQ:BUFF)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Blue Buffalo Pet (NASDAQ:BUFF) based on the price action in the company's shares. Yesterday's price range of $39.90 and $39.99 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 Blue Buffalo Pet may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Blue Buffalo Pet Products, Inc. operates as a pet food company. The Company offers dog and cat food made with meats, fruits and vegetables, and natural ingredients. Blue Buffalo Pet Products serves customers in the United States.

Blue Buffalo Pet (NASDAQ:BUFF) is currently priced 6.8% above its average consensus analyst price target of $37.18. The stock should find initial support at its 50-day moving average (MA) of $23.34 and further support at its 200-day MA of $20.89.

In the past 52 weeks, Blue Buffalo Pet share prices have been bracketed by a low of $21.51 and a high of $40.08 and closed yesterday at $39.90, 85% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 2.3%.

SmarTrend recommended that subscribers consider buying shares of Blue Buffalo Pet on November 14th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.82. Since that recommendation, shares of Blue Buffalo Pet have risen 43.8%. We continue to monitor BUFF for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle blue buffalo pet

Ticker(s): BUFF