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

By David Diaz

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 $10.35 and $10.43 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 has overhead space with shares priced $10.35, or 10.8% below the average consensus analyst price target of $11.61. The stock should discover initial support at its 200-day moving average (MA) of $10.18 and subsequent support at its 50-day MA of $9.75.

In the past 52 weeks, shares of Diamondrock Hosp have traded between a low of $8.70 and a high of $11.85 and are now at $10.35, which is 19% above that low price. The 200-day and 50-day moving averages have moved 0.01% higher and 0.13% 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.

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 inside day candle diamondrock hosp

Ticker(s): DRH