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Possible Bullish Inside Day Candle Pattern Detected for Rite Aid Corp (NYSE:RAD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rite Aid Corp (NYSE:RAD) based on the price action in the company's shares. Yesterday's price range of $11.50 and $12.10 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 Rite Aid Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $11.69, Rite Aid Corp is currently 82.9% above its average consensus analyst price target of $2.00. Rite Aid Corp shares should encounter resistance at the 50-day moving average (MA) of $14.31 and support at its 200-day MA of $10.04.

Over the past year, Rite Aid Corp has traded in a range of $0.02 to $19.93 and closed yesterday at $11.69, 58,350% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 0.7%.

Rite Aid Corporation operates a retail drugstore chain in various states and the District of Columbia. The Company sells prescription drugs, as well as other products such as nonprescription medications, health and beauty aids, and cosmetics.

SmarTrend is tracking the current trend status for Rite Aid Corp and will alert subscribers who have RAD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle rite aid corp

Ticker(s): RAD