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Possible Bearish Inside Day Candle Pattern Detected for Shake Shack In-A (NYSE:SHAK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Shake Shack In-A (NYSE:SHAK) based on the price action in the company's shares. Today's price range of $53.82 and $54.14 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 Shake Shack In-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Shake Shack Inc. operates roadside burger stands. The Company focuses on food and beverages, crafted from a range of classic American foods such as burgers, hot dogs, crispy chicken, frozen custard, crinkle cut fries, shakes, and beer and wine. Shake Shack serves customers globally.

Over the past year, Shake Shack In-A has traded in a range of $39.77 to $70.12 and is now at $54.14, 36% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.5%.

Based on a current price of $54.14, Shake Shack In-A is currently 7.9% above its average consensus analyst price target of $49.89. Shake Shack In-A shares should encounter resistance at the 200-day moving average (MA) of $55.76 and support at the 50-day MA of $50.37.

SmarTrend recommended that subscribers consider buying shares of Shake Shack In-A on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.12. Since that recommendation, shares of Shake Shack In-A have risen 16.2%. We continue to monitor SHAK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle shake shack in-a

Ticker(s): SHAK