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

By Amy Schwartz

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 $33.17 and $33.57 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 has overhead space with shares priced $33.34, or 17.2% below the average consensus analyst price target of $40.25. The stock should run into initial resistance at its 50-day moving average (MA) of $37.03 and subsequent resistance at its 200-day MA of $41.80.

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.

Over the past year, Arcbest Corp has traded in a range of $30.90 to $51.45 and closed yesterday at $33.34, 8% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Arcbest Corp on February 28th, 2019 by issuing a Downtrend alert when the shares were trading at $35.10. Since that call, shares of Arcbest Corp have fallen 5.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle arcbest corp

Ticker(s): ARCB