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Possible Bullish Inside Day Candle Pattern Detected for Rayonier Inc (NYSE:RYN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rayonier Inc (NYSE:RYN) based on the price action in the company's shares. Yesterday's price range of $29.31 and $29.31 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 Rayonier Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Rayonier Inc share prices have been bracketed by a low of $26.30 and a high of $39.73 and closed yesterday at $29.31, 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.3%.

Rayonier Inc (NYSE:RYN) has potential upside of 17.9% based on a current price of $29.31 and analysts' consensus price target of $34.56. The stock should find initial resistance at its 50-day moving average (MA) of $29.35 and further resistance at its 200-day MA of $32.57.

Rayonier Inc. is an international forestry products company. The Company produces and sells cellulosic fibers, standing timber, real estate, and timberland acreage. Rayonier also produces logs and wood products, and medium density fiberboard, as well as owns, leases, and manages timberland and provides related management services.

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

Keywords: bullish am inside day candle rayonier inc

Ticker(s): RYN