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Possible Bearish Inside Day Candle Pattern Detected for Marten Transport (NASDAQ:MRTN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marten Transport (NASDAQ:MRTN) based on the price action in the company's shares. Yesterday's price range of $18.16 and $18.29 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 Marten Transport may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Marten Transport, Ltd. is a long-haul truckload carrier providing protective service and time-sensitive transportation. The Company specializes in protective service transportation of foods and other products requiring temperature-controlled carriage or insulated carriage. Marten Transport serves customers in the United States.

Over the past year, Marten Transport has traded in a range of $15.39 to $29.60 and closed yesterday at $18.19, 18% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.7%.

Marten Transport (NASDAQ:MRTN) has potential upside of 37.4% based on a current price of $18.19 and analysts' consensus price target of $25.00. The stock should run into initial resistance at its 50-day moving average (MA) of $18.48 and subsequent resistance at its 200-day MA of $20.43.

SmarTrend is monitoring the recent change of momentum in Marten Transport. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Marten Transport in search of a potential trend change.

Keywords: bearish am inside day candle marten transport

Ticker(s): MRTN