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Possible Bullish Inside Day Candle Pattern Detected for Petmed Express (NASDAQ:PETS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Petmed Express (NASDAQ:PETS) based on the price action in the company's shares. Yesterday's price range of $41.65 and $43.45 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 Petmed Express may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Petmed Express has traded in a range of $17.75 to $57.80 and closed yesterday at $43.15, 143% above that low. The 200-day and 50-day moving averages have moved 0.13% higher and 0.64% higher over the past week, respectively.

Petmed Express has overhead space with shares priced $43.15, or 11.5% below the average consensus analyst price target of $48.75. The stock should find initial support at its 50-day moving average (MA) of $17.58 and further support at its 200-day MA of $16.99.

PetMed Express, Inc. is a pet pharmacy. The Company offers prescription and non-precription pet medications, as well as health and nutritional supplements. PetMed Express offers its products via telephone, fax, mail, and the internet to customers throughout the United States.

SmarTrend is monitoring the recent change of momentum in Petmed Express. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Petmed Express in search of a potential trend change.

Keywords: bullish am inside day candle petmed express

Ticker(s): PETS