• Return to Headlines

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

By Nick Russo

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. Today's price range of $47.01 and $48.20 is within yesterday'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.

In the past 52 weeks, Monro Muffler share prices have been bracketed by a low of $39.65 and a high of $70.78 and are now at $47.30, 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.2%.

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 14.9% exists for Monro Muffler, based on a current level of $47.30 and analysts' average consensus price target of $54.33. 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 is monitoring the recent change of momentum in Monro Muffler. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Monro Muffler in search of a potential trend change.

Keywords: bearish inside day candle monro muffler

Ticker(s): MNRO