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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 $52.65 and $53.80 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.

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

Potential upside of 11.5% exists for Monro Muffler, based on a current level of $53.25 and analysts' average consensus price target of $59.40. Monro Muffler shares should first meet resistance at the 200-day moving average (MA) of $67.71 and find additional resistance at the 50-day MA of $69.28.

Monro Muffler share prices have moved between a 52-week high of $70.78 and a 52-week low of $39.65 and closed yesterday at 34% above that low price at $53.25 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Monro Muffler on January 30th, 2018 by issuing a Downtrend alert when the shares were trading at $56.28. Since that call, shares of Monro Muffler have fallen 4.4%. 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 monro muffler

Ticker(s): MNRO