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Possible Bearish Inside Day Candle Pattern Detected for Echo Global Logistics (NASDAQ:ECHO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Echo Global Logistics (NASDAQ:ECHO) based on the price action in the company's shares. Yesterday's price range of $19.65 and $19.95 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 Echo Global Logistics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Echo Global Logistics, Inc. provides technology enabled business process outsourcing (BPO) for transportation and logistics. The Company's core logistics services include pre-engagement freight analysis, rate negotiation, shipment execution and tracking, carrier management, routing compliance, freight bill audit and payment and performance management and reporting.

Over the past year, Echo Global Logistics has traded in a range of $16.56 to $34.35 and closed yesterday at $19.65, 19% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.4%.

Echo Global Logistics (NASDAQ:ECHO) has potential upside of 42.0% based on a current price of $19.65 and analysts' consensus price target of $27.90. The stock should find initial resistance at its 200-day moving average (MA) of $23.74 and further resistance at its 50-day MA of $25.84.

SmarTrend recommended that its subscribers protect gains by selling shares of Echo Global Logistics on December 21st, 2016 by issuing a Downtrend alert when the shares were trading at $25.53. Since that call, shares of Echo Global Logistics have fallen 21.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle Echo Global Logistics

Ticker(s): ECHO