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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 $7.57 and $7.78 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 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 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.

Potential upside of 537.7% exists for United Natural, based on a current level of $7.78 and analysts' average consensus price target of $49.61. The stock should find initial resistance at its 50-day moving average (MA) of $9.15 and further resistance at its 200-day MA of $11.06.

United Natural share prices have moved between a 52-week high of $24.58 and a 52-week low of $6.57 and closed yesterday at 18% above that low price at $7.78 per share. The 200-day and 50-day moving averages have moved 1.06% lower and 0.26% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of United Natural on October 1st, 2019 by issuing a Downtrend alert when the shares were trading at $11.26. Since that call, shares of United Natural have fallen 30.9%. 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 united natural

Ticker(s): UNFI