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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Office Depot Inc (NYSE:ODP) based on the price action in the company's shares. Yesterday's price range of $5.70 and $5.83 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.

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.

Based on a current price of $5.74, Office Depot Inc is currently 3.6% above its average consensus analyst price target of $5.54. The stock should run into initial resistance at its 50-day moving average (MA) of $6.27 and subsequent resistance at its 200-day MA of $6.51.

Office Depot Inc share prices have moved between a 52-week high of $5.84 and a 52-week low of $3.01 and closed yesterday at 91% above that low price at $5.74 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.7%.

SmarTrend recommended that subscribers consider buying shares of Office Depot Inc on November 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $4.07. Since that recommendation, shares of Office Depot Inc have risen 41.2%. We continue to monitor ODP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle office depot inc

Ticker(s): ODP