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Possible Bullish Inside Day Candle Pattern Detected for Ruth'S Hospitali (NASDAQ:RUTH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ruth'S Hospitali (NASDAQ:RUTH) based on the price action in the company's shares. Yesterday's price range of $26.55 and $26.85 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 Ruth'S Hospitali may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ruth'S Hospitali has overhead space with shares priced $26.75, or 0.9% below the average consensus analyst price target of $27.00. Ruth'S Hospitali shares have support at the 50-day moving average (MA) of $25.88 and additional support at the 200-day MA of $22.54.

Ruth'S Hospitali share prices have moved between a 52-week high of $28.75 and a 52-week low of $13.74 and closed yesterday at 95% above that low price at $26.75 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.5%.

Ruth's Hospitality Group, Inc. operates a chain of upscale steak houses. The Company's restaurants are located throughout the United States and in several international locations.

SmarTrend recommended that subscribers consider buying shares of Ruth'S Hospitali on November 30th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.48. Since that recommendation, shares of Ruth'S Hospitali have risen 23.4%. We continue to monitor RUTH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle ruth's hospitali

Ticker(s): RUTH