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Possible Bearish Inside Day Candle Pattern Detected for Fiesta Restauran (NASDAQ:FRGI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fiesta Restauran (NASDAQ:FRGI) based on the price action in the company's shares. Yesterday's price range of $13.96 and $13.96 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 Fiesta Restauran 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, Fiesta Restauran share prices have been bracketed by a low of $13.40 and a high of $30.88 and closed yesterday at $13.94, 4% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.7%.

Fiesta Restauran (NASDAQ:FRGI) has potential upside of 84.7% based on a current price of $13.94 and analysts' consensus price target of $25.75. The stock should find initial resistance at its 50-day moving average (MA) of $14.99 and further resistance at its 200-day MA of $22.69.

Fiesta Restaurant Group, Inc. owns and operates a chain of restaurants. The Restaurants are casual dining restaurants located in the United States and Internationally.

SmarTrend recommended that its subscribers protect gains by selling shares of Fiesta Restauran on November 1st, 2018 by issuing a Downtrend alert when the shares were trading at $25.46. Since that call, shares of Fiesta Restauran have fallen 45.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle fiesta restauran

Ticker(s): FRGI