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Possible Bearish Inside Day Candle Pattern Detected for Diamondrock Hosp (NYSE:DRH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Diamondrock Hosp (NYSE:DRH) based on the price action in the company's shares. Yesterday's price range of $10.59 and $10.68 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. Owners of Diamondrock Hosp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Diamondrock Hosp share prices have moved between a 52-week high of $12.11 and a 52-week low of $8.57 and closed yesterday at 25% above that low price at $10.67 per share. The 200-day and 50-day moving averages have moved 0.87% lower and 0.47% higher over the past week, respectively.

DiamondRock Hospitality Company is a self-advised real estate investment trust. The Company owns, acquires, and invests in upper scale and upscale hotel properties located in North America. DiamondRock also invests in premium limited-service and extended-stay hotel properties in urban locations.

There is potential upside of 10.3% for shares of Diamondrock Hosp based on a current price of $10.67 and an average consensus analyst price target of $11.77. The stock should find initial support at its 200-day moving average (MA) of $10.47 and further support at its 50-day MA of $9.44.

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

Keywords: bearish am inside day candle diamondrock hosp

Ticker(s): DRH