Possible Bullish Inside Day Candle Pattern Detected for Rush Enterprises (NASDAQ:RUSHA)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rush Enterprises (NASDAQ:RUSHA) based on the price action in the company's shares. Yesterday's price range of $20.43 and $20.83 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 Rush Enterprises may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Rush Enterprises share prices have moved between a 52-week high of $38.27 and a 52-week low of $12.76 and closed yesterday at 61% above that low price at $20.54 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.0%.
Potential upside of 38.3% exists for Rush Enterprises, based on a current level of $20.54 and analysts' average consensus price target of $28.40. The stock should hit resistance at its 200-day moving average (MA) of $21.72, as well as support at its 50-day MA of $18.02.
Rush Enterprises, Inc. operates a regional network of truck centers. The Company sells new and used Peterbilt heavy-duty trucks and John Deere construction equipment. Rush operates dealerships in Texas, California, Oklahoma, Louisiana, Colorado and Michigan.
SmarTrend recommended that subscribers consider buying shares of Rush Enterprises on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.24. Since that recommendation, shares of Rush Enterprises have risen 11.7%. We continue to monitor RUSHA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish am inside day candle rush enterprises