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Possible Bullish Inside Day Candle Pattern Detected for Ares Capital (NASDAQ:ARCC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ares Capital (NASDAQ:ARCC) based on the price action in the company's shares. Today's price range of $14.02 and $14.11 is within yesterday'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 Ares Capital may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ares Capital Corporation is a closed-end management investment company. The Company seeks to generate both income and capital appreciation through debt and equity investments by primarily investing in U.S. middle market companies.

In the past 52 weeks, Ares Capital share prices have been bracketed by a low of $11.01 and a high of $16.85 and are now at $14.05, 28% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.3%.

Potential upside of 24.1% exists for Ares Capital, based on a current level of $14.05 and analysts' average consensus price target of $17.43. The stock should find initial resistance at its 50-day moving average (MA) of $14.61 and further resistance at its 200-day MA of $14.81.

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

Keywords: bullish inside day candle ares capital

Ticker(s): ARCC