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Possible Bullish Inside Day Candle Pattern Detected for Charles River Laboratories (NYSE:CRL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Charles River Laboratories (NYSE:CRL) based on the price action in the company's shares. Yesterday's price range of $76.50 and $78.99 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 Charles River Laboratories may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Charles River Laboratories (NYSE:CRL) is currently priced 0.7% above its average consensus analyst price target of $78.21. The stock should discover initial support at its 50-day moving average (MA) of $77.20 and subsequent support at its 200-day MA of $73.58.

In the past 52 weeks, Charles River Laboratories share prices have been bracketed by a low of $59.99 and a high of $87.95 and closed yesterday at $78.74, 31% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Charles River Laboratories International, Inc. provides research tools and support services that enable drug discovery and development. The Company provides the animal research models required in research and development for new drugs, devices, and therapies. Charles River's customers include pharmaceutical and biotechnology companies, hospitals, and academic institutions.

SmarTrend is monitoring the recent change of momentum in Charles River Laboratories. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Charles River Laboratories in search of a potential trend change.

Keywords: bullish am inside day candle charles river laboratories

Ticker(s): CRL