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Possible Bearish Inside Day Candle Pattern Detected for Potbelly Corp (NASDAQ:PBPB)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Potbelly Corp (NASDAQ:PBPB) based on the price action in the company's shares. Yesterday's price range of $4.85 and $4.96 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 Potbelly Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potbelly Corp (NASDAQ:PBPB) has potential upside of 175.3% based on a current price of $4.94 and analysts' consensus price target of $13.60. The stock should find resistance at its 200-day moving average (MA) of $7.09, as well as support at its 50-day MA of $4.49.

Potbelly Corp share prices have moved between a 52-week high of $13.55 and a 52-week low of $3.10 and closed yesterday at 59% above that low price at $4.94 per share. The 200-day and 50-day moving averages have moved 1.72% lower and 0.94% lower over the past week, respectively.

Potbelly Corporation provides food products. The Company offers sandwiches, salads, soups, chili, sides, breakfast, shakes, malts, smoothies, and baked goods.

SmarTrend recommended that subscribers consider buying shares of Potbelly Corp on August 19th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $4.63. Since that recommendation, shares of Potbelly Corp have risen 7.5%. We continue to monitor PBPB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle potbelly corp

Ticker(s): PBPB