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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. Yesterday's price range of $3.44 and $3.61 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 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 share prices have moved between a 52-week high of $9.47 and a 52-week low of $3.32 and closed yesterday at 4% above that low price at $3.46 per share. The 200-day and 50-day moving averages have moved 0.21% lower and 0.08% higher over the past week, respectively.

Rite Aid (NYSE:RAD) has potential upside of 98.2% based on a current price of $3.46 and analysts' consensus price target of $6.86. 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.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Rite Aid on January 23rd, 2017 by issuing a Downtrend alert when the shares were trading at $7.17. Since that call, shares of Rite Aid have fallen 51.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Rite Aid

Ticker(s): RAD