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Possible Bullish Inside Day Candle Pattern Detected for Forward Air (NASDAQ:FWRD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Forward Air (NASDAQ:FWRD) based on the price action in the company's shares. Yesterday's price range of $45.65 and $46.23 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 Forward Air may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Forward Air share prices have been bracketed by a low of $36.00 and a high of $54.99 and closed yesterday at $45.82, 27% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.8%.

There is potential upside of 12.0% for shares of Forward Air based on a current price of $45.82 and an average consensus analyst price target of $51.33. Forward Air shares have support at the 200-day moving average (MA) of $44.47 and additional support at the 50-day MA of $44.09.

Forward Air Corporation provides transportation services to air freight forwarders, air cargo carriers, and domestic and international airlines. The Company also operates a truckload business that is an irregular route, high service-level carrier that transports a wide range of commodities in both interstate and intrastate commerce.

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

Keywords: bullish am inside day candle forward air

Ticker(s): FWRD