• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Monro Muffler (NASDAQ:MNRO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Monro Muffler (NASDAQ:MNRO) based on the price action in the company's shares. Yesterday's price range of $78.23 and $81.32 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 Monro Muffler may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Monro Muffler has traded in a range of $60.78 to $89.72 and closed yesterday at $79.09, 30% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Monro Muffler (NASDAQ:MNRO) is currently priced 25.4% above its average consensus analyst price target of $59.00. The stock should hit resistance at its 200-day moving average (MA) of $79.54, as well as support at its 50-day MA of $74.25.

Monro, Inc. operates a chain of company owned stores in the Northeast United States providing automotive undercar repair and tire services in the Eastern region of the United States. The Company's stores provides a broad range of services for brake systems, mufflers and exhaust, tires, steering, drive train, suspension, wheel alignment, routine maintenance, and state inspections.

SmarTrend recommended that subscribers consider buying shares of Monro Muffler on November 22nd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $73.47. Since that recommendation, shares of Monro Muffler have risen 7.7%. We continue to monitor MNRO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle monro muffler

Ticker(s): MNRO