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Possible Bearish Inside Day Candle Pattern Detected for Skywest Inc (NASDAQ:SKYW)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Skywest Inc (NASDAQ:SKYW) based on the price action in the company's shares. Yesterday's price range of $58.70 and $60.20 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 Skywest Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 5.2% for shares of Skywest Inc based on a current price of $59.55 and an average consensus analyst price target of $62.67. The stock should discover initial support at its 50-day moving average (MA) of $19.92 and subsequent support at its 200-day MA of $18.12.

SkyWest, Inc. operates regional airlines that offer scheduled passenger service to destinations in the United States, Canada, Mexico, and the Caribbean.

In the past 52 weeks, Skywest Inc share prices have been bracketed by a low of $23.40 and a high of $60.65 and closed yesterday at $59.55, 154% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 2.9%.

SmarTrend recommended that subscribers consider buying shares of Skywest Inc on January 12th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.33. Since that recommendation, shares of Skywest Inc have risen 11.0%. We continue to monitor SKYW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle skywest inc

Ticker(s): SKYW