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Possible Bearish Inside Day Candle Pattern Detected for Caesars Entertai (NASDAQ:CZR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Caesars Entertai (NASDAQ:CZR) based on the price action in the company's shares. Today's price range of $11.77 and $11.84 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 Caesars Entertai may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 32.0% exists for Caesars Entertai, based on a current level of $11.84 and analysts' average consensus price target of $15.62. The stock should find initial support at its 50-day moving average (MA) of $11.71 and further support at its 200-day MA of $9.48.

Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services in the United States and internationally.

In the past 52 weeks, shares of Caesars Entertai have traded between a low of $5.84 and a high of $12.23 and are now at $11.84, which is 103% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that subscribers consider buying shares of Caesars Entertai on April 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.55. Since that recommendation, shares of Caesars Entertai have risen 24.1%. We continue to monitor CZR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle caesars entertai

Ticker(s): CZR