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Possible Bearish Inside Day Candle Pattern Detected for Rite Aid Corp (NYSE:RAD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rite Aid Corp (NYSE:RAD) based on the price action in the company's shares. Today's price range of $1.28 and $1.31 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 Rite Aid Corp 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 Rite Aid Corp have traded between a low of $0.98 and a high of $2.55 and are now at $1.28, which is 31% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 1.2%.

Rite Aid Corp (NYSE:RAD) has potential upside of 56.3% based on a current price of $1.28 and analysts' consensus price target of $2.00. The stock should hit resistance at its 200-day moving average (MA) of $1.61, as well as support at its 50-day MA of $1.20.

Rite Aid Corporation operates a retail drugstore chain in various states and the District of Columbia. The Company sells prescription drugs, as well as other products such as nonprescription medications, health and beauty aids, and cosmetics.

SmarTrend is monitoring the recent change of momentum in Rite Aid Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Rite Aid Corp in search of a potential trend change.

Keywords: bearish inside day candle rite aid corp

Ticker(s): RAD