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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 $62.70 and $64.35 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 stores providing automotive undercar repair services in the United States. The Company's stores provide a full range of services for brake systems, steering and suspension systems, exhaust systems, as well as vehicle maintenance services. Monro operates stores and dealer locations primarily in the Eastern region of the United States.

In the past 52 weeks, Monro Muffler share prices have been bracketed by a low of $46.93 and a high of $77.00 and closed yesterday at $63.67, 36% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

There is potential upside of 28.2% for shares of Monro Muffler based on a current price of $63.67 and an average consensus analyst price target of $81.60. 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Monro Muffler on May 18th, 2016 by issuing a Downtrend alert when the shares were trading at $66.81. Since that call, shares of Monro Muffler have fallen 3.1%. 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 monro muffler

Ticker(s): MNRO