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Possible Bearish Inside Day Candle Pattern Detected for Noodles & Co (NASDAQ:NDLS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Noodles & Co (NASDAQ:NDLS) based on the price action in the company's shares. Yesterday's price range of $6.08 and $6.32 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 Noodles & Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Noodles & Co share prices have moved between a 52-week high of $9.46 and a 52-week low of $4.45 and closed yesterday at 40% above that low price at $6.25 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

There is potential upside of 9.3% for shares of Noodles & Co based on a current price of $6.25 and an average consensus analyst price target of $6.83. The stock should hit resistance at its 200-day moving average (MA) of $6.71, as well as support at its 50-day MA of $5.53.

Noodles & Company operates a chain of restaurants. The Company offers noodles, pastas, salads, soups, sandwiches, cheese, meatballs, and beverages. Noodles serves customers in the United States.

SmarTrend is tracking the current trend status for Noodles & Co and will alert subscribers who have NDLS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle noodles & co

Ticker(s): NDLS