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Possible Bullish Inside Day Candle Pattern Detected for Planet Fitness-A (NYSE:PLNT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Planet Fitness-A (NYSE:PLNT) based on the price action in the company's shares. Yesterday's price range of $23.55 and $23.93 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 Planet Fitness-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Planet Fitness-A share prices have moved between a 52-week high of $25.19 and a 52-week low of $14.87 and closed yesterday at 61% above that low price at $23.91 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Planet Fitness-A has overhead space with shares priced $23.91, or 3.6% below the average consensus analyst price target of $24.80. The stock should find initial support at its 200-day moving average (MA) of $15.81 and further support at its 50-day MA of $15.28.

Planet Fitness, Inc. owns and operates a chain of fitness clubs. The Company offers personal fitness training programs for its members, as well as provides sauna and massage facilities. Planet Fitness serves customers in the United States.

SmarTrend recommended that subscribers consider buying shares of Planet Fitness-A on May 9th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.91. Since that recommendation, shares of Planet Fitness-A have risen 12.5%. We continue to monitor PLNT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle planet fitness-a

Ticker(s): PLNT