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Possible Bullish Inside Day Candle Pattern Detected for Echo Global Logi (NASDAQ:ECHO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Echo Global Logi (NASDAQ:ECHO) based on the price action in the company's shares. Yesterday's price range of $19.43 and $19.86 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 Echo Global Logi may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 64.5% for shares of Echo Global Logi based on a current price of $19.53 and an average consensus analyst price target of $32.12. The stock should run into initial resistance at its 50-day moving average (MA) of $20.40 and subsequent resistance at its 200-day MA of $21.01.

Over the past year, Echo Global Logi has traded in a range of $13.00 to $28.90 and closed yesterday at $19.53, 50% above that low. The 200-day and 50-day moving averages have moved 0.37% lower and 0.17% lower over the past week, respectively.

Echo Global Logistics, Inc. provides technology enabled business process outsourcing (BPO) for transportation and logistics. The Company's core logistics services include pre-engagement freight analysis, rate negotiation, shipment execution and tracking, carrier management, routing compliance, freight bill audit and payment, and performance management and reporting.

SmarTrend is tracking the current trend status for Echo Global Logi and will alert subscribers who have ECHO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle echo global logi

Ticker(s): ECHO