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

By Nick Russo

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 $7.05 and $7.09 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 share prices have moved between a 52-week high of $9.47 and a 52-week low of $5.88 and are now trading 20% above that low price at $7.07 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

Potential upside of 31.8% exists for Rite Aid, based on a current level of $7.07 and analysts' average consensus 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.

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 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