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

By James Quinn

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 $67.59 and $68.32 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.

In the past 52 weeks, Shake Shack In-A share prices have been bracketed by a low of $30.12 and a high of $69.96 and are now at $67.90, 125% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has risen 1.1%.

Shake Shack In-A (NYSE:SHAK) is currently priced 26.5% above its average consensus analyst price target of $49.89. Shake Shack In-A shares have support at the 50-day moving average (MA) of $63.16 and additional support at the 200-day MA of $46.52.

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.

SmarTrend is tracking the current trend status for Shake Shack In-A and will alert subscribers who have SHAK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle shake shack in-a

Ticker(s): SHAK