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Possible Bullish Inside Day Candle Pattern Detected for Charles River La (NYSE:CRL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Charles River La (NYSE:CRL) based on the price action in the company's shares. Yesterday's price range of $158.10 and $159.19 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. Traders and investors interested in shares of Charles River La may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Charles River Laboratories International, Inc. provides research tools and support services for drug discovery and development. The Company offers animal research models in research and development for new drugs, devices, and therapies. Charles River Laboratories International serves pharmaceutical and biotechnology companies, hospitals, and academic institutions worldwide.

Based on a current price of $158.62, Charles River La is currently 28.2% above its average consensus analyst price target of $113.92. The stock should find initial support at its 50-day moving average (MA) of $147.90 and further support at its 200-day MA of $137.45.

In the past 52 weeks, Charles River La share prices have been bracketed by a low of $116.24 and a high of $161.39 and closed yesterday at $158.62, 36% above that low price. The 200-day and 50-day moving averages have moved 0.09% higher and 0.83% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Charles River La on October 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $134.02. Since that recommendation, shares of Charles River La have risen 17.9%. We continue to monitor CRL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle charles river la

Ticker(s): CRL