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Possible Bullish Inside Day Candle Pattern Detected for Spartannash Co (NASDAQ:SPTN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Spartannash Co (NASDAQ:SPTN) based on the price action in the company's shares. Yesterday's price range of $16.21 and $16.43 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 Spartannash Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 13.0% for shares of Spartannash Co based on a current price of $16.46 and an average consensus analyst price target of $18.60. The stock should run into initial resistance at its 50-day moving average (MA) of $17.64 and subsequent resistance at its 200-day MA of $19.69.

Over the past year, Spartannash Co has traded in a range of $15.30 to $26.99 and closed yesterday at $16.46, 8% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.5%.

SpartanNash Company distributes and retails grocery products. It operates in three segments: Food Distribution, Military, and Retail. The Food Distribution segment offers approximately 60,000 stock-keeping units, such as dry groceries, produce, dairy products, meat, delicatessen items, bakery goods, frozen food, seafood, floral products, general merchandise, beverages, tobacco products, health and beauty care, and pharmacy products to independent retail locations, food service distributors, and corporate-owned retail stores.

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

Keywords: bullish am inside day candle spartannash co

Ticker(s): SPTN