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Possible Bullish Inside Day Candle Pattern Detected for Ryder System (NYSE:R)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ryder System (NYSE:R) based on the price action in the company's shares. Yesterday's price range of $63.54 and $64.78 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 Ryder System may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ryder System share prices have moved between a 52-week high of $97.84 and a 52-week low of $45.12 and closed yesterday at 43% above that low price at $64.37 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.4%.

Ryder System, Inc. provides a continuum of logistics, supply chain, and transportation management solutions worldwide. The Company's offerings range from full-service leasing, commercial rental and maintenance of vehicles to integrated services. The Company also offers comprehensive supply chain solutions, logistics management services, and e-Commerce solutions.

There is potential upside of 44.2% for shares of Ryder System based on a current price of $64.37 and an average consensus analyst price target of $92.83. The stock should hit resistance at its 200-day moving average (MA) of $67.74, as well as support at its 50-day MA of $63.91.

SmarTrend is tracking the current trend status for Ryder System and will alert subscribers who have R in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ryder system

Ticker(s): R