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Possible Bullish Inside Day Candle Pattern Detected for Ryder System Inc (NYSE:R)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ryder System Inc (NYSE:R) based on the price action in the company's shares. Yesterday's price range of $47.84 and $48.84 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 Ryder System 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.

Potential upside of 71.7% exists for Ryder System Inc, based on a current level of $48.52 and analysts' average consensus price target of $83.29. Ryder System Inc shares should first meet resistance at the 50-day moving average (MA) of $52.71 and find additional resistance at the 200-day MA of $53.90.

Ryder System, Inc. provides a continuum of logistics, supply chain, and transportation management solutions worldwide. The Company's offerings range from full-service leasing, commercial rental and maintenance of vehicles to integrated services. The Company also offers comprehensive supply chain solutions, logistics management services, and e-Commerce solutions.

Ryder System Inc share prices have moved between a 52-week high of $67.65 and a 52-week low of $44.90 and closed yesterday at 8% above that low price at $48.52 per share. The 200-day and 50-day moving averages have moved 0.46% lower and 0.37% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Ryder System Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ryder System Inc in search of a potential trend change.

Keywords: bullish am inside day candle ryder system inc

Ticker(s): R