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Possible Bullish Inside Day Candle Pattern Detected for Ruby Tuesday (NYSE:RT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ruby Tuesday (NYSE:RT) based on the price action in the company's shares. Yesterday's price range of $3.81 and $3.94 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 Ruby Tuesday may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ruby Tuesday share prices have moved between a 52-week high of $7.54 and a 52-week low of $3.80 and closed yesterday at 2% above that low price at $3.88 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.4%.

Potential upside of 74.0% exists for Ruby Tuesday, based on a current level of $3.88 and analysts' average consensus price target of $6.75. Ruby Tuesday shares should first meet resistance at the 50-day moving average (MA) of $4.97 and find additional resistance at the 200-day MA of $5.61.

Ruby Tuesday, Inc. owns and operates a chain of specialty restaurants in the United States and overseas. The Company also franchises the casual dining concept under the Ruby Tuesday's brand.

SmarTrend recommended that its subscribers protect gains by selling shares of Ruby Tuesday on April 8th, 2016 by issuing a Downtrend alert when the shares were trading at $4.51. Since that call, shares of Ruby Tuesday have fallen 13.9%. 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 ruby tuesday

Ticker(s): RT