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

By Amy Schwartz

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. Yesterday's price range of $2.42 and $2.47 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 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.

There is potential upside of 15.3% for shares of Office Depot Inc based on a current price of $2.45 and an average consensus analyst price target of $2.83. The stock should run into initial resistance at its 200-day moving average (MA) of $3.00 and subsequent resistance at its 50-day MA of $3.21.

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.

Over the past year, Office Depot Inc has traded in a range of $2.08 to $3.82 and closed yesterday at $2.45, 18% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.3%.

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 17.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle office depot inc

Ticker(s): ODP