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Possible Bearish Inside Day Candle Pattern Detected for Shutterstock Inc (NYSE:SSTK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Shutterstock Inc (NYSE:SSTK) based on the price action in the company's shares. Yesterday's price range of $40.46 and $40.95 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 Shutterstock Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Shutterstock Inc has overhead space with shares priced $40.46, or 5.2% below the average consensus analyst price target of $42.67. The stock should find initial resistance at its 200-day moving average (MA) of $44.23 and further resistance at its 50-day MA of $44.66.

In the past 52 weeks, Shutterstock Inc share prices have been bracketed by a low of $31.77 and a high of $55.76 and closed yesterday at $40.46, 27% above that low price. The 200-day and 50-day moving averages have moved 0.35% lower and 1.16% lower over the past week, respectively.

Shutterstock Inc. operates a global marketplace for commercial digital imagery. The Company's online marketplace provides a freely searchable library of commercial digital images that our users can pay to license, download, and incorporate into their work.

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

Keywords: bearish am inside day candle shutterstock inc

Ticker(s): SSTK