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Possible Bullish Inside Day Candle Pattern Detected for Covenant Trans-A (NASDAQ:CVTI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Covenant Trans-A (NASDAQ:CVTI) based on the price action in the company's shares. Yesterday's price range of $28.41 and $29.95 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 Covenant Trans-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 20.3% exists for Covenant Trans-A, based on a current level of $29.72 and analysts' average consensus price target of $35.75. The stock should find resistance at its 50-day moving average (MA) of $31.28, as well as support at its 200-day MA of $29.22.

Covenant Transportation Group, Inc. operates as a truckload carrier. The Company offers temperature-controlled transportation service for shippers primarily in the frozen food and consumer products industries. Covenant Transportation Group serves customers in the United States.

In the past 52 weeks, shares of Covenant Trans-A have traded between a low of $16.10 and a high of $35.19 and closed yesterday at $29.72, which is 85% 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 0.3%.

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

Keywords: bullish am inside day candle covenant trans-a

Ticker(s): CVTI