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

By Shiri Gupta

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. Today's price range of $61.54 and $61.81 is within yesterday'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.

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. The Company operates within the United States and the United Kingdom.

Over the past year, Grubhub Inc has traded in a range of $57.37 to $149.35 and is now at $61.66, 7% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.6%.

There is potential upside of 62.3% for shares of Grubhub Inc based on a current price of $61.66 and an average consensus analyst price target of $100.10. The stock should run into initial resistance at its 50-day moving average (MA) of $71.49 and subsequent resistance at its 200-day MA of $74.01.

SmarTrend recommended that its subscribers protect gains by selling shares of Grubhub Inc on August 1st, 2019 by issuing a Downtrend alert when the shares were trading at $66.92. Since that call, shares of Grubhub Inc have fallen 7.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle grubhub inc

Ticker(s): GRUB