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Possible Bearish Inside Day Candle Pattern Detected for Trueblue Inc (NYSE:TBI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Trueblue Inc (NYSE:TBI) based on the price action in the company's shares. Yesterday's price range of $23.38 and $23.38 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 Trueblue Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Trueblue Inc (NYSE:TBI) has potential upside of 19.7% based on a current price of $23.40 and analysts' consensus price target of $28.00. The stock should find initial resistance at its 50-day moving average (MA) of $23.44 and further resistance at its 200-day MA of $25.37.

Over the past year, Trueblue Inc has traded in a range of $20.56 to $29.85 and closed yesterday at $23.40, 14% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.3%.

TrueBlue, Inc. provides temporary manual labor to the light industrial and small business markets. The Company operates dispatch offices in the United States, Puerto Rico, Canada, and the United Kingdom. TrueBlue's customers are primarily in the transportation, warehousing, hospitality, landscaping, construction, light manufacturing, retail, wholesale, and sanitation industries.

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

Keywords: bearish am inside day candle trueblue inc

Ticker(s): TBI