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

By James Quinn

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 $21.99 and $22.23 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 share prices have moved between a 52-week high of $22.80 and a 52-week low of $15.39 and closed yesterday at 44% above that low price at $22.11 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

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.

There is potential upside of 13.1% for shares of Marten Transport based on a current price of $22.11 and an average consensus analyst price target of $25.00. Marten Transport shares have support at the 50-day moving average (MA) of $21.28 and additional support at the 200-day MA of $20.20.

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

Keywords: bearish am inside day candle marten transport

Ticker(s): MRTN