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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rite Aid (NYSE:RAD) based on the price action in the company's shares. Today's price range of $7.56 and $7.66 is within yesterday'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 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, shares of Rite Aid have traded between a low of $5.88 and a high of $9.47 and are now at $7.57, which is 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

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

There is potential upside of 23.1% for shares of Rite Aid based on a current price of $7.57 and an average consensus analyst price target of $9.31. The stock should find initial resistance at its 200-day moving average (MA) of $7.84 and further resistance at its 50-day MA of $8.03.

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

Keywords: bullish inside day candle Rite Aid

Ticker(s): RAD