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

By Amy Schwartz

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 $23.70 and $24.45 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.

There is potential upside of 15.8% for shares of Marten Transport based on a current price of $23.75 and an average consensus analyst price target of $27.50. The stock should discover initial support at its 50-day moving average (MA) of $15.46 and subsequent support at its 200-day MA of $14.20.

Marten Transport share prices have moved between a 52-week high of $29.60 and a 52-week low of $11.22 and closed yesterday at 112% above that low price at $23.75 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Marten Transport on December 4th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.40. Since that recommendation, shares of Marten Transport have risen 20.6%. We continue to monitor MRTN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle marten transport

Ticker(s): MRTN