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

By James Quinn

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. Today's price range of $10.86 and $10.86 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 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 (NYSE:DRH) has potential upside of 6.9% based on a current price of $10.86 and analysts' consensus price target of $11.61. Diamondrock Hosp shares should encounter resistance at the 200-day moving average (MA) of $11.00 and support at the 50-day MA of $10.40.

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.

In the past 52 weeks, shares of Diamondrock Hosp have traded between a low of $8.70 and a high of $12.99 and are now at $10.86, which is 25% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 1.28% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Diamondrock Hosp on January 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.98. Since that recommendation, shares of Diamondrock Hosp have risen 9.3%. We continue to monitor DRH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle diamondrock hosp

Ticker(s): DRH