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. Yesterday's price range of $58.14 and $59.13 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, 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.
Potential upside of 57.3% exists for Ryder System, based on a current level of $59.00 and analysts' average consensus price target of $92.83. The stock should run into initial resistance at its 50-day moving average (MA) of $63.91 and subsequent resistance at its 200-day MA of $67.74.
In the past 52 weeks, shares of Ryder System have traded between a low of $45.12 and a high of $97.84 and closed yesterday at $59.00, which is 31% 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.
SmarTrend recommended that its subscribers protect gains by selling shares of Ryder System on June 14th, 2016 by issuing a Downtrend alert when the shares were trading at $64.57. Since that call, shares of Ryder System have fallen 11.5%. 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 ryder system