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

By Amy Schwartz

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 $6.89 and $6.95 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.

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.

Rite Aid share prices have moved between a 52-week high of $9.47 and a 52-week low of $5.88 and are now trading 18% above that low price at $6.92 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

Rite Aid has overhead space with shares priced $6.92, or 25.7% below the average consensus analyst price target of $9.31. Rite Aid shares should first meet resistance at the 200-day moving average (MA) of $7.84 and find additional resistance at the 50-day MA of $8.03.

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

Keywords: bullish inside day candle Rite Aid

Ticker(s): RAD