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Possible Bullish Inside Day Candle Pattern Detected for Patterson Cos (NASDAQ:PDCO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Patterson Cos (NASDAQ:PDCO) based on the price action in the company's shares. Yesterday's price range of $22.18 and $22.47 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 Patterson Cos may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Patterson Companies Inc. distributes dental products, veterinary supplies for companion pets, and rehabilitation supplies. The Company sells and markets to dental clinics and laboratories, veterinarians, and to the physical and occupational therapy markets.

Potential upside of 18.3% exists for Patterson Cos, based on a current level of $22.43 and analysts' average consensus price target of $26.53. Patterson Cos shares should encounter resistance at the 200-day moving average (MA) of $23.05 and support at the 50-day MA of $21.98.

In the past 52 weeks, Patterson Cos share prices have been bracketed by a low of $18.94 and a high of $35.31 and closed yesterday at $22.43, 18% above that low price. The 200-day and 50-day moving averages have moved 0.03% lower and 0.81% lower over the past week, respectively.

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

Keywords: bullish am inside day candle patterson cos

Ticker(s): PDCO