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Possible Bearish Inside Day Candle Pattern Detected for Red Robin Gourmet Burgers (NASDAQ:RRGB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Red Robin Gourmet Burgers (NASDAQ:RRGB) based on the price action in the company's shares. Yesterday's price range of $45.74 and $47.09 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 Red Robin Gourmet Burgers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Red Robin Gourmet Burgers Inc. owns and operates a chain of specialty restaurants in the United States and Canada.

In the past 52 weeks, shares of Red Robin Gourmet Burgers have traded between a low of $27.18 and a high of $95.00 and closed yesterday at $45.81, which is 69% 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 slid 0.7%.

Red Robin Gourmet Burgers (NASDAQ:RRGB) has potential upside of 97.7% based on a current price of $45.81 and analysts' consensus price target of $90.57. Red Robin Gourmet Burgers shares should first meet resistance at the 50-day moving average (MA) of $64.39 and find additional resistance at the 200-day MA of $70.11.

SmarTrend is monitoring the recent change of momentum in Red Robin Gourmet Burgers. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Red Robin Gourmet Burgers in search of a potential trend change.

Keywords: bearish am inside day candle red robin gourmet burgers

Ticker(s): RRGB