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Possible Bullish Inside Day Candle Pattern Detected for Natural Grocers (NYSE:NGVC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Natural Grocers (NYSE:NGVC) based on the price action in the company's shares. Yesterday's price range of $8.79 and $8.99 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 Natural Grocers may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Natural Grocers (NYSE:NGVC) is currently priced 17.1% above its average consensus analyst price target of $7.40. The stock should run into initial resistance at its 50-day moving average (MA) of $18.97 and subsequent resistance at its 200-day MA of $21.34.

Natural Grocers by Vitamin Cottage Inc through its subsidiary operates in the food industry. The Company provides healthy foods, vitamins, and supplements including allergy, aloe products, amino acids, antioxidants, animal products, beverages, medical, cleansing and clearance, weight loss, electrolytes, energy, cosmetics, natural, minerals, vitamins, pain relief, and supplements.

In the past 52 weeks, Natural Grocers share prices have been bracketed by a low of $4.79 and a high of $14.21 and closed yesterday at $8.93, 86% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 2.5%.

SmarTrend recommended that subscribers consider buying shares of Natural Grocers on November 20th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $6.37. Since that recommendation, shares of Natural Grocers have risen 37.5%. We continue to monitor NGVC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle natural grocers

Ticker(s): NGVC