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Possible Bearish Inside Day Candle Pattern Detected for Planet Fitness-A (NYSE:PLNT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Planet Fitness-A (NYSE:PLNT) based on the price action in the company's shares. Today's price range of $67.12 and $67.73 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 Planet Fitness-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Planet Fitness-A (NYSE:PLNT) is currently priced 36.2% above its average consensus analyst price target of $42.89. The stock should discover initial support at its 50-day moving average (MA) of $59.08 and subsequent support at its 200-day MA of $51.77.

Over the past year, Planet Fitness-A has traded in a range of $35.92 to $67.93 and is now at $67.21, 87% above that low. The 200-day and 50-day moving averages have moved 1.09% higher and 1.93% higher over the past week, respectively.

Planet Fitness, Inc., together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment.

SmarTrend recommended that subscribers consider buying shares of Planet Fitness-A on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $55.95. Since that recommendation, shares of Planet Fitness-A have risen 21.1%. We continue to monitor PLNT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle planet fitness-a

Ticker(s): PLNT