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Possible Bearish Inside Day Candle Pattern Detected for Aramark (NYSE:ARMK)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Aramark (NYSE:ARMK) based on the price action in the company's shares. Yesterday's price range of $24.63 and $25.61 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. Owners of Aramark may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Aramark have traded between a low of $9.65 and a high of $47.22 and closed yesterday at $24.39, which is 153% above that low price. The 200-day and 50-day moving averages have moved 0.43% lower and 2.87% lower over the past week, respectively.

Potential upside of 95.8% exists for Aramark, based on a current level of $24.39 and analysts' average consensus price target of $47.75. The stock should hit resistance at its 200-day moving average (MA) of $37.52, as well as support at its 50-day MA of $23.44.

Aramark provides food and facilities management services. The Company offers uniform, refreshments, work apparel, and cleanroom services to healthcare institutions, universities, school districts, stadiums, and businesses. Aramark serves clients worldwide.

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

Keywords: bearish am inside day candle aramark

Ticker(s): ARMK