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

By Shiri Gupta

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 $9.75 and $9.80 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.

Caesars Entertai (NASDAQ:CZR) has potential upside of 60.1% based on a current price of $9.76 and analysts' consensus price target of $15.62. The stock should find initial support at its 50-day moving average (MA) of $9.22 and further support at its 200-day MA of $8.93.

In the past 52 weeks, shares of Caesars Entertai have traded between a low of $5.84 and a high of $12.15 and are now at $9.76, which is 67% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

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

SmarTrend is tracking the current trend status for Caesars Entertai and will alert subscribers who have CZR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle caesars entertai

Ticker(s): CZR