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Possible Bearish Inside Day Candle Pattern Detected for Ritchie Bros Auctioneers (NYSE:RBA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ritchie Bros Auctioneers (NYSE:RBA) based on the price action in the company's shares. Today's price range of $33.74 and $34.06 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 Ritchie Bros Auctioneers 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, shares of Ritchie Bros Auctioneers have traded between a low of $21.03 and a high of $36.79 and are now at $33.85, which is 61% above that low price. The 200-day and 50-day moving averages have moved 0.17% higher and 1.83% higher over the past week, respectively.

Ritchie Bros Auctioneers (NYSE:RBA) is currently priced 11.0% above its average consensus analyst price target of $30.14. Ritchie Bros Auctioneers shares have support at the 50-day moving average (MA) of $26.67 and additional support at the 200-day MA of $25.77.

Ritchie Bros. Auctioneers Incorporated auctions industrial equipment, operating through various locations around the world. The Company sells, through unreserved public auctions, used and unused industrial equipment, including equipment used in the construction, transportation, mining, forestry, petroleum, and agricultural industries.

SmarTrend is tracking the current trend status for Ritchie Bros Auctioneers and will alert subscribers who have RBA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle ritchie bros auctioneers

Ticker(s): RBA