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Possible Bullish Inside Day Candle Pattern Detected for Arcbest Corp (NASDAQ:ARCB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Arcbest Corp (NASDAQ:ARCB) based on the price action in the company's shares. Yesterday's price range of $46.00 and $46.90 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. Traders and investors interested in shares of Arcbest Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Arcbest Corp share prices have moved between a 52-week high of $50.45 and a 52-week low of $25.02 and closed yesterday at 85% above that low price at $46.30 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.5%.

Arcbest Corp (NASDAQ:ARCB) is currently priced 13.1% above its average consensus analyst price target of $40.25. The stock should hit resistance at its 50-day moving average (MA) of $46.48, as well as support at its 200-day MA of $38.60.

ArcBest Corporation is a diversified holding company involved in motor carrier transportation and intermodal transportation operations. The Company transports a variety of goods around the world.

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

Keywords: bullish am inside day candle arcbest corp

Ticker(s): ARCB