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Possible Bearish Inside Day Candle Pattern Detected for Rayonier Inc (NYSE:RYN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rayonier Inc (NYSE:RYN) based on the price action in the company's shares. Yesterday's price range of $26.18 and $26.57 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 Rayonier Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Rayonier Inc share prices have been bracketed by a low of $25.92 and a high of $35.63 and closed yesterday at $26.18, 1% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.2%.

Rayonier Inc. is an international forestry products company. The Company produces and sells cellulosic fibers, standing timber, real estate, and timberland acreage. Rayonier also produces logs and wood products, and medium density fiberboard, as well as owns, leases, and manages timberland and provides related management services.

There is potential upside of 32.0% for shares of Rayonier Inc based on a current price of $26.18 and an average consensus analyst price target of $34.56. The stock should find initial resistance at its 50-day moving average (MA) of $29.53 and further resistance at its 200-day MA of $30.02.

SmarTrend recommended that its subscribers protect gains by selling shares of Rayonier Inc on July 26th, 2019 by issuing a Downtrend alert when the shares were trading at $29.00. Since that call, shares of Rayonier Inc have fallen 8.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle rayonier inc

Ticker(s): RYN