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Possible Bullish Inside Day Candle Pattern Detected for Jack In The Box (NASDAQ:JACK)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Jack In The Box (NASDAQ:JACK) based on the price action in the company's shares. Yesterday's price range of $86.94 and $89.17 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 Jack In The Box may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 16.9% for shares of Jack In The Box based on a current price of $87.98 and an average consensus analyst price target of $102.83. The stock should discover initial support at its 50-day moving average (MA) of $81.79 and subsequent support at its 200-day MA of $80.91.

In the past 52 weeks, Jack In The Box share prices have been bracketed by a low of $70.77 and a high of $90.49 and closed yesterday at $87.98, 24% above that low price. The 200-day and 50-day moving averages have moved 0.12% higher and 0.90% higher over the past week, respectively.

Jack in the Box Inc. operates and franchises restaurants. The Company provides a variety of food items including hamburgers, specialty sandwiches, salads, Mexican food, finger foods, and side items. Jack in the Box offers its products and services throughout the United States and Canada.

SmarTrend recommended that subscribers consider buying shares of Jack In The Box on August 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $79.97. Since that recommendation, shares of Jack In The Box have risen 10.0%. We continue to monitor JACK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle jack in the box

Ticker(s): JACK