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Possible Bearish Inside Day Candle Pattern Detected for Old Dominion Freight Line (NASDAQ:ODFL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Old Dominion Freight Line (NASDAQ:ODFL) based on the price action in the company's shares. Yesterday's price range of $66.23 and $67.25 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 Old Dominion Freight Line may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier. The Company primarily transports less-than-truckload shipments of general commodities, such as consumer goods, textiles, and capital goods. Old Dominion serves regional markets throughout the United States.

In the past 52 weeks, Old Dominion Freight Line share prices have been bracketed by a low of $37.19 and a high of $81.48 and closed yesterday at $67.13, 81% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Potential upside of 11.6% exists for Old Dominion Freight Line, based on a current level of $67.13 and analysts' average consensus price target of $74.93. Old Dominion Freight Line shares should encounter resistance at the 50-day moving average (MA) of $67.89 and support at its 200-day MA of $64.20.

SmarTrend recommended that subscribers consider buying shares of Old Dominion Freight Line on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.86. Since that recommendation, shares of Old Dominion Freight Line have risen 7.1%. We continue to monitor ODFL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle old dominion freight line

Ticker(s): ODFL