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Possible Bullish Inside Day Candle Pattern Detected for Echo Global Logistics (NASDAQ:ECHO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Echo Global Logistics (NASDAQ:ECHO) based on the price action in the company's shares. Yesterday's price range of $23.37 and $24.07 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 Echo Global Logistics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Echo Global Logistics, Inc. provides technology enabled business process outsourcing (BPO) for transportation and logistics. The Company's core logistics services include pre-engagement freight analysis, rate negotiation, shipment execution and tracking, carrier management, routing compliance, freight bill audit and payment and performance management and reporting.

Echo Global Logistics (NASDAQ:ECHO) has potential upside of 27.5% based on a current price of $24.06 and analysts' consensus price target of $30.67. The stock should find resistance at its 50-day moving average (MA) of $25.94, as well as support at its 200-day MA of $23.93.

Over the past year, Echo Global Logistics has traded in a range of $16.56 to $34.35 and closed yesterday at $24.06, 45% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.8%.

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

Keywords: bullish am inside day candle Echo Global Logistics

Ticker(s): ECHO