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Possible Bearish Inside Day Candle Pattern Detected for Office Depot Inc (NASDAQ:ODP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Office Depot Inc (NASDAQ:ODP) based on the price action in the company's shares. Today's price range of $1.96 and $1.97 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 Office Depot 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 Office Depot Inc have traded between a low of $1.86 and a high of $3.82 and are now at $1.97, which is 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 2.7%.

Office Depot, Inc. operates a chain of office product warehouse stores in North America, Europe, Asia, and Central America. The Company sells branded merchandise and provides business services primarily to small and medium-sized businesses and the home office market.

Potential upside of 43.4% exists for Office Depot Inc, based on a current level of $1.97 and analysts' average consensus price target of $2.83. The stock should find initial resistance at its 50-day moving average (MA) of $2.18 and further resistance at its 200-day MA of $2.85.

SmarTrend recommended that its subscribers protect gains by selling shares of Office Depot Inc on April 4th, 2019 by issuing a Downtrend alert when the shares were trading at $3.01. Since that call, shares of Office Depot Inc have fallen 33.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle office depot inc

Ticker(s): ODP