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Possible Bullish Inside Day Candle Pattern Detected for Yelp Inc (NYSE:YELP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Yelp Inc (NYSE:YELP) based on the price action in the company's shares. Yesterday's price range of $34.65 and $34.97 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 Yelp Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Yelp Inc. operates a social networking, user review, and local search website. The Company provides the site as a guide for online search capabilities for its visitors to find reviews and details about local businesses. Yelp provides listings for businesses throughout the United States and Canada.

Yelp Inc has overhead space with shares priced $34.64, or 29.9% below the average consensus analyst price target of $49.43. The stock should run into initial resistance at its 50-day moving average (MA) of $36.49 and subsequent resistance at its 200-day MA of $39.90.

Yelp Inc share prices have moved between a 52-week high of $52.50 and a 52-week low of $29.33 and closed yesterday at 18% above that low price at $34.64 per share. The 200-day and 50-day moving averages have moved 0.43% lower and 0.08% higher over the past week, respectively.

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

Keywords: bullish am inside day candle yelp inc

Ticker(s): YELP