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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Yelp Inc (NYSE:YELP) based on the price action in the company's shares. Yesterday's price range of $22.03 and $23.10 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 Yelp Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Yelp Inc has traded in a range of $12.89 to $40.86 and closed yesterday at $22.15, 72% above that low. The 200-day and 50-day moving averages have moved 0.53% lower and 2.41% lower over the past week, respectively.

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.

There is potential upside of 123.2% for shares of Yelp Inc based on a current price of $22.15 and an average consensus analyst price target of $49.43. The stock should find resistance at its 200-day moving average (MA) of $31.09, as well as support at its 50-day MA of $21.36.

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: bearish am inside day candle yelp inc

Ticker(s): YELP