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Possible Bearish Inside Day Candle Pattern Detected for Brinker Intl (NYSE:EAT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Brinker Intl (NYSE:EAT) based on the price action in the company's shares. Today's price range of $39.18 and $39.51 is within yesterday'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. Owners of Brinker Intl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Brinker Intl share prices have moved between a 52-week high of $53.61 and a 52-week low of $36.44 and are now trading 8% above that low price at $39.18 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

Brinker International, Inc. is a restaurant operator who owns, operates, or franchises establishments in the United States and Internationally. These restaurants offer customers burgers, ribs, salads, steaks, classic Italian fare, and Tex-Mex offerings.

Potential upside of 14.7% exists for Brinker Intl, based on a current level of $39.18 and analysts' average consensus price target of $44.93. The stock should find initial resistance at its 50-day moving average (MA) of $39.22 and further resistance at its 200-day MA of $43.51.

SmarTrend recommended that its subscribers protect gains by selling shares of Brinker Intl on April 16th, 2019 by issuing a Downtrend alert when the shares were trading at $42.17. Since that call, shares of Brinker Intl have fallen 5.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle brinker intl

Ticker(s): EAT