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Possible Bullish Inside Day Candle Pattern Detected for Rite Aid Corp (NYSE:RAD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rite Aid Corp (NYSE:RAD) based on the price action in the company's shares. Yesterday's price range of $0.45 and $0.47 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 Rite Aid Corp 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, Rite Aid Corp share prices have been bracketed by a low of $0.44 and a high of $2.12 and closed yesterday at $0.45, 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has declined 2.7%.

There is potential upside of 344.4% for shares of Rite Aid Corp based on a current price of $0.45 and an average consensus analyst price target of $2.00. The stock should find initial resistance at its 50-day moving average (MA) of $0.68 and further resistance at its 200-day MA of $1.09.

Rite Aid Corporation operates a retail drugstore chain in various states and the District of Columbia. The Company sells prescription drugs, as well as other products such as nonprescription medications, health and beauty aids, and cosmetics.

SmarTrend is tracking the current trend status for Rite Aid Corp and will alert subscribers who have RAD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle rite aid corp

Ticker(s): RAD