• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Chegg Inc (NYSE:CHGG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chegg Inc (NYSE:CHGG) based on the price action in the company's shares. Today's price range of $44.32 and $44.42 is within yesterday'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 Chegg Inc 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, Chegg Inc share prices have been bracketed by a low of $22.67 and a high of $44.83 and are now at $44.38, 96% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.0%.

Chegg Inc (NYSE:CHGG) is currently priced 44.8% above its average consensus analyst price target of $24.50. The stock should discover initial support at its 50-day moving average (MA) of $38.21 and subsequent support at its 200-day MA of $33.88.

Chegg, Inc. provides online educational platform. The Company offers homework help, course selection, note taking, manuals, and textbook rentals services. Chegg serves customers throughout the United States.

SmarTrend recommended that subscribers consider buying shares of Chegg Inc on June 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.06. Since that recommendation, shares of Chegg Inc have risen 11.7%. We continue to monitor CHGG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle chegg inc

Ticker(s): CHGG