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Possible Bearish Inside Day Candle Pattern Detected for Petmed Express (NASDAQ:PETS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Petmed Express (NASDAQ:PETS) based on the price action in the company's shares. Today's price range of $16.37 and $16.70 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 Petmed Express may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 159.5% exists for Petmed Express, based on a current level of $16.44 and analysts' average consensus price target of $42.67. The stock should hit resistance at its 200-day moving average (MA) of $21.32, as well as support at its 50-day MA of $16.41.

PetMed Express, Inc. is a pet pharmacy. The Company offers prescription and non-precription pet medications, as well as health and nutritional supplements. PetMed Express offers its products via telephone, fax, mail, and the internet to customers throughout the United States.

In the past 52 weeks, shares of Petmed Express have traded between a low of $15.00 and a high of $38.90 and are now at $16.44, which is 10% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Petmed Express on May 6th, 2019 by issuing a Downtrend alert when the shares were trading at $20.43. Since that call, shares of Petmed Express have fallen 18.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle petmed express

Ticker(s): PETS