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Possible Bullish Inside Day Candle Pattern Detected for Office Depot (NYSE:ODP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Office Depot (NYSE:ODP) based on the price action in the company's shares. Yesterday's price range of $3.16 and $3.27 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 Office Depot 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 227.6% for shares of Office Depot based on a current price of $3.20 and an average consensus analyst price target of $10.48. The stock should find initial resistance at its 50-day moving average (MA) of $6.27 and further resistance at its 200-day MA of $6.51.

In the past 52 weeks, Office Depot share prices have been bracketed by a low of $3.11 and a high of $9.40 and closed yesterday at $3.20, 3% above that low price. The 200-day and 50-day moving averages have moved 0.75% lower and 1.02% higher over the past week, respectively.

Office Depot, Inc. operates a chain of office product warehouse stores in North America, Europe, Asia and Central America. The Company sells branded merchandise and provides business services primarily to small and medium-sized businesses and the home office market.

SmarTrend recommended that its subscribers protect gains by selling shares of Office Depot on April 20th, 2016 by issuing a Downtrend alert when the shares were trading at $6.44. Since that call, shares of Office Depot have fallen 51.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Office Depot

Ticker(s): ODP