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Possible Bearish Inside Day Candle Pattern Detected for Rush Enter-Cl A (NASDAQ:RUSHA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rush Enter-Cl A (NASDAQ:RUSHA) based on the price action in the company's shares. Yesterday's price range of $42.51 and $43.24 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 Rush Enter-Cl A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Rush Enterprises, Inc. operates a regional network of commercial vehicle dealerships. The Company sells new and used heavy-duty and medium-duty trucks, and buses. Rush also provides parts and maintenance, leasing, and financing services.

In the past 52 weeks, shares of Rush Enter-Cl A have traded between a low of $20.22 and a high of $55.40 and closed yesterday at $43.11, which is 113% above that low price. The 200-day and 50-day moving averages have moved 0.51% lower and 0.99% higher over the past week, respectively.

There is potential upside of 25.9% for shares of Rush Enter-Cl A based on a current price of $43.11 and an average consensus analyst price target of $54.29. The stock should discover initial support at its 200-day moving average (MA) of $21.72 and subsequent support at its 50-day MA of $18.02.

SmarTrend recommended that its subscribers protect gains by selling shares of Rush Enter-Cl A on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $49.76. Since that call, shares of Rush Enter-Cl A have fallen 13.0%. 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 rush enter-cl a

Ticker(s): RUSHA