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Possible Bullish Inside Day Candle Pattern Detected for United Natural (NASDAQ:UNFI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in United Natural (NASDAQ:UNFI) based on the price action in the company's shares. Yesterday's price range of $13.02 and $13.21 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 United Natural may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

United Natural share prices have moved between a 52-week high of $47.73 and a 52-week low of $9.23 and closed yesterday at 42% above that low price at $13.15 per share. Over the last five market days, the 200-day moving average (MA) has gone down 2.4% while the 50-day MA has advanced 1.9%.

United Natural Foods, Inc. distributes natural foods and related products. The Company offers natural products consisting of groceries and general merchandise, nutritional supplements, bulk and foodservice products, personal care items, perishables, and frozen foods.

United Natural (NASDAQ:UNFI) has potential upside of 277.3% based on a current price of $13.15 and analysts' consensus price target of $49.61. The stock should run into initial resistance at its 50-day moving average (MA) of $13.53 and subsequent resistance at its 200-day MA of $26.55.

SmarTrend recommended that subscribers consider buying shares of United Natural on January 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.30. Since that recommendation, shares of United Natural have risen 3.5%. We continue to monitor UNFI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle united natural

Ticker(s): UNFI