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Possible Bearish Inside Day Candle Pattern Detected for Zillow Group I-A (NASDAQ:ZG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Zillow Group I-A (NASDAQ:ZG) based on the price action in the company's shares. Yesterday's price range of $37.37 and $38.42 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 Zillow Group I-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 49.5% exists for Zillow Group I-A, based on a current level of $37.38 and analysts' average consensus price target of $55.88. Zillow Group I-A shares should encounter resistance at the 200-day moving average (MA) of $37.69 and support at the 50-day MA of $31.85.

Over the past year, Zillow Group I-A has traded in a range of $26.20 to $65.42 and closed yesterday at $37.38, 43% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.0%.

Zillow Group, Inc. operates real estate and home-related brands on mobile and the Web in the United States. The company offers a portfolio of brands and products to empowering consumers with unparalleled data, inspiration, and knowledge around homes and connecting them with real estate professionals. Its brands focus on various stages of the home lifecycle, including renting, buying, selling, and financing.

SmarTrend is tracking the current trend status for Zillow Group I-A and will alert subscribers who have ZG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle zillow group i-a

Ticker(s): ZG