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Possible Bearish Inside Day Candle Pattern Detected for Grubhub Inc (NYSE:GRUB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Grubhub Inc (NYSE:GRUB) based on the price action in the company's shares. Yesterday's price range of $55.62 and $57.49 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 Grubhub Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Grubhub Inc have traded between a low of $32.11 and a high of $85.40 and closed yesterday at $55.94, which is 74% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 2.3%.

Grubhub Inc has overhead space with shares priced $55.94, or 44.1% below the average consensus analyst price target of $100.10. The stock should hit resistance at its 200-day moving average (MA) of $58.07, as well as support at its 50-day MA of $51.58.

GrubHub Inc operates an online and mobile platform for restaurant pick-up and delivery orders. The Company's platform assists diners in searching for local restaurant, tracking the order, and re-order for convenience. GrubHub operates within the United States and the United Kingdom.

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

Keywords: bearish am inside day candle grubhub inc

Ticker(s): GRUB