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Possible Bearish Inside Day Candle Pattern Detected for Spartan Stores (NASDAQ:SPTN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Spartan Stores (NASDAQ:SPTN) based on the price action in the company's shares. Yesterday's price range of $33.11 and $33.54 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 Spartan Stores may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Spartan Stores, Inc. provides food wholesale and retail distribution services. The Company operates a chain of grocery stores in Michigan, Indiana, and Ohio.

Potential upside of 17.4% exists for Spartan Stores, based on a current level of $33.39 and analysts' average consensus price target of $39.20. The stock should discover initial support at its 50-day moving average (MA) of $28.31 and subsequent support at its 200-day MA of $26.02.

In the past 52 weeks, Spartan Stores share prices have been bracketed by a low of $17.66 and a high of $40.38 and closed yesterday at $33.39, 89% above that low price. The 200-day and 50-day moving averages have moved 0.39% lower and 1.61% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Spartan Stores on February 28th, 2017 by issuing a Downtrend alert when the shares were trading at $35.67. Since that call, shares of Spartan Stores have fallen 5.5%. 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 Spartan Stores

Ticker(s): SPTN