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

By David Diaz

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 $78.94 and $82.79 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 (NASDAQ:MNRO) defies analysts with a current price ($79.00) 25.3% above its average consensus price target of $59.00. Monro Muffler shares have support at the 50-day moving average (MA) of $75.77 and additional support at the 200-day MA of $70.92.

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.

Over the past year, Monro Muffler has traded in a range of $50.25 to $84.38 and closed yesterday at $79.00, 57% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.4%.

SmarTrend recommended that subscribers consider buying shares of Monro Muffler on January 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $72.75. Since that recommendation, shares of Monro Muffler have risen 8.6%. 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