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Possible Bearish Inside Day Candle Pattern Detected for Ryder System Inc (NYSE:R)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ryder System Inc (NYSE:R) based on the price action in the company's shares. Yesterday's price range of $39.79 and $40.87 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 Ryder System Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Ryder System Inc has traded in a range of $37.64 to $67.65 and closed yesterday at $40.78, 8% above that low. The 200-day and 50-day moving averages have moved 0.85% lower and 1.9% lower over the past week, respectively.

Ryder System Inc has overhead space with shares priced $40.78, or 51.0% below the average consensus analyst price target of $83.29. The stock should run into initial resistance at its 50-day moving average (MA) of $51.02 and subsequent resistance at its 200-day MA of $52.66.

Ryder System, Inc. provides a continuum of logistics, supply chain, and transportation management solutions worldwide. The Company's offerings range from full-service leasing, commercial rental and maintenance of vehicles to integrated services. The Company also offers comprehensive supply chain solutions, logistics management services, and e-Commerce solutions.

SmarTrend is tracking the current trend status for Ryder System Inc and will alert subscribers who have R in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle ryder system inc

Ticker(s): R