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Possible Bearish Inside Day Candle Pattern Detected for Ruth'S Hospitali (:RUTH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ruth'S Hospitali (:RUTH) based on the price action in the company's shares. Yesterday's price range of $23.73 and $24.99 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 Ruth'S Hospitali may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ruth's Hospitality Group, Inc. operates a chain of upscale steak houses. The Company's restaurants are located throughout the United States and in several international locations.

Ruth'S Hospitali share prices have moved between a 52-week high of $0.00 and a 52-week low of $0.00 and closed yesterday at -100% above that low price at $24.70 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.

Ruth'S Hospitali has overhead space with shares priced $24.70, or 8.5% below the average consensus analyst price target of $27.00. The stock should find initial support at its 200-day moving average (MA) of $22.82 and further support at its 50-day MA of $19.99.

SmarTrend is monitoring the recent change of momentum in Ruth'S Hospitali. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ruth'S Hospitali in search of a potential trend change.

Keywords: bearish am inside day candle :ruth ruth's hospitali

Ticker(s): RUTH