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Possible Bullish Inside Day Candle Pattern Detected for Jack In The Box (NASDAQ:JACK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Jack In The Box (NASDAQ:JACK) based on the price action in the company's shares. Yesterday's price range of $75.35 and $76.10 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. Traders and investors interested in shares of Jack In The Box may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Jack in the Box Inc. operates and franchises restaurants. The Company provides a variety of food items including hamburgers, specialty sandwiches, salads, Mexican food, finger foods, and side items. Jack in the Box offers its products and services throughout the United States and Canada.

Over the past year, Jack In The Box has traded in a range of $70.77 to $93.12 and closed yesterday at $75.88, 7% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.1%.

Potential upside of 35.5% exists for Jack In The Box, based on a current level of $75.88 and analysts' average consensus price target of $102.83. Jack In The Box shares should first meet resistance at the 200-day moving average (MA) of $82.02 and find additional resistance at the 50-day MA of $83.30.

SmarTrend recommended that its subscribers protect gains by selling shares of Jack In The Box on October 23rd, 2019 by issuing a Downtrend alert when the shares were trading at $83.69. Since that call, shares of Jack In The Box have fallen 10.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle jack in the box

Ticker(s): JACK