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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 $7.60 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.

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 has overhead space with shares priced $7.60, or 18.4% below the average consensus analyst price target of $9.31. The stock should run into initial resistance at its 200-day moving average (MA) of $7.84 and subsequent resistance at its 50-day MA of $8.03.

Over the past year, Rite Aid has traded in a range of $5.88 to $9.47 and is now at $7.60, 29% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

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