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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. Yesterday's price range of $58.09 and $58.33 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 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 In-A (NYSE:SHAK) is currently priced 14.2% above its average consensus analyst price target of $49.89. The stock should find initial support at its 200-day moving average (MA) of $55.34 and further support at its 50-day MA of $52.18.

In the past 52 weeks, shares of Shake Shack In-A have traded between a low of $40.31 and a high of $70.12 and closed yesterday at $58.17, which is 44% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

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 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 25.5%. We continue to monitor SHAK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle shake shack in-a

Ticker(s): SHAK