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Possible Bearish Inside Day Candle Pattern Detected for Ruth'S Hospitali (NASDAQ:RUTH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ruth'S Hospitali (NASDAQ:RUTH) based on the price action in the company's shares. Yesterday's price range of $28.10 and $28.50 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 Ruth'S Hospitali 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, Ruth'S Hospitali share prices have been bracketed by a low of $13.74 and a high of $28.75 and closed yesterday at $28.35, 106% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.6%.

Ruth'S Hospitali (NASDAQ:RUTH) is currently priced 4.8% above its average consensus analyst price target of $27.00. The stock should discover initial support at its 50-day moving average (MA) of $26.96 and subsequent support at its 200-day MA of $23.32.

Ruth's Hospitality Group, Inc. operates a chain of upscale steak houses. The Company's restaurants are located throughout the United States and in several international locations.

SmarTrend recommended that subscribers consider buying shares of Ruth'S Hospitali on November 30th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.48. Since that recommendation, shares of Ruth'S Hospitali have risen 32.9%. We continue to monitor RUTH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle ruth's hospitali

Ticker(s): RUTH