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Possible Bullish Inside Day Candle Pattern Detected for Essendant Inc (NASDAQ:ESND)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Essendant Inc (NASDAQ:ESND) based on the price action in the company's shares. Yesterday's price range of $8.01 and $8.27 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 Essendant Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Essendant Inc has traded in a range of $7.99 to $32.64 and closed yesterday at $8.07, 1% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.5%.

There is potential upside of 23.9% for shares of Essendant Inc based on a current price of $8.07 and an average consensus analyst price target of $10.00. The stock should find initial resistance at its 50-day moving average (MA) of $31.64 and further resistance at its 200-day MA of $32.58.

Essendant Inc. supplies workplace essentials. The Company offers office and food service products, computer hardware, furniture, welding, safety, and janitorial and sanitation supplies. Essendant serves office furniture dealers, online retailers, janitorial and sanitation distributors, and omni-channel suppliers.

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

Keywords: bullish am inside day candle essendant inc

Ticker(s): ESND