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Possible Bearish Inside Day Candle Pattern Detected for Grubhub Inc (NYSE:GRUB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Grubhub Inc (NYSE:GRUB) based on the price action in the company's shares. Today's price range of $67.96 and $67.96 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 Grubhub Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

GrubHub, Inc. operates an online and mobile platform for restaurant pick-up and delivery orders. The Company's platform assists diners in searching for local restaurant, tracking the order, and re-order for convenience. The Company operates within the United States and the United Kingdom.

Grubhub Inc share prices have moved between a 52-week high of $149.35 and a 52-week low of $63.31 and are now trading 7% above that low price at $67.96 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.9%.

Potential upside of 47.3% exists for Grubhub Inc, based on a current level of $67.96 and analysts' average consensus price target of $100.10. Grubhub Inc shares should first meet resistance at the 50-day moving average (MA) of $73.71 and find additional resistance at the 200-day MA of $97.69.

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

Keywords: bearish inside day candle grubhub inc

Ticker(s): GRUB