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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Grubhub Inc (NYSE:GRUB) based on the price action in the company's shares. Yesterday's price range of $40.21 and $41.64 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 Grubhub Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Grubhub Inc has traded in a range of $32.11 to $87.98 and closed yesterday at $41.01, 28% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has declined 4%.

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. GrubHub operates within the United States and the United Kingdom.

Grubhub Inc (NYSE:GRUB) has potential upside of 144.1% based on a current price of $41.01 and analysts' consensus price target of $100.10. The stock should find initial resistance at its 50-day moving average (MA) of $46.19 and further resistance at its 200-day MA of $63.36.

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: bullish am inside day candle grubhub inc

Ticker(s): GRUB