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Possible Bearish Inside Day Candle Pattern Detected for Darden Restaurants (NYSE:DRI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Darden Restaurants (NYSE:DRI) based on the price action in the company's shares. Today's price range of $61.18 and $61.51 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 Darden Restaurants may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Darden Restaurants share prices have been bracketed by a low of $53.38 and a high of $75.60 and are now at $61.44, 15% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

Darden Restaurants, Inc. operates casual dining restaurants in North America. The Company owns and operates seafood and Italian restaurants.

There is potential upside of 4.9% for shares of Darden Restaurants based on a current price of $61.44 and an average consensus analyst price target of $64.44. Darden Restaurants shares should first meet resistance at the 200-day moving average (MA) of $64.57 and find additional resistance at the 50-day MA of $65.14.

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

Keywords: bearish inside day candle Darden Restaurants

Ticker(s): DRI