Possible Bullish Inside Day Candle Pattern Detected for Ryder System (NYSE:R)
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. Today's price range of $58.14 and $59.09 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 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.
In the past 52 weeks, Ryder System share prices have been bracketed by a low of $45.12 and a high of $97.84 and are now at $58.67, 30% above that low price. The 200-day and 50-day moving averages have moved 0.7% lower and 1.40% higher over the past week, respectively.
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 58.2% for shares of Ryder System based on a current price of $58.67 and an average consensus analyst price target of $92.83. The stock should find initial resistance at its 50-day moving average (MA) of $63.91 and further resistance at its 200-day MA of $67.74.
SmarTrend is monitoring the recent change of momentum in Ryder System. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ryder System in search of a potential trend change.
Keywords: bullish inside day candle ryder system