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

By Amy Schwartz

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. Yesterday's price range of $22.11 and $22.39 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 Petmed Express may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Over the past year, Petmed Express has traded in a range of $20.25 to $46.83 and closed yesterday at $22.20, 10% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 1.1%.

There is potential upside of 92.2% for shares of Petmed Express based on a current price of $22.20 and an average consensus analyst price target of $42.67. The stock should run into initial resistance at its 50-day moving average (MA) of $22.38 and subsequent resistance at its 200-day MA of $28.12.

SmarTrend is tracking the current trend status for Petmed Express and will alert subscribers who have PETS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle petmed express

Ticker(s): PETS