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

By David Diaz

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 $47.78 and $48.98 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.

Potential upside of 31.2% exists for Skywest Inc, based on a current level of $49.34 and analysts' average consensus price target of $64.75. The stock should find initial resistance at its 50-day moving average (MA) of $50.78 and further resistance at its 200-day MA of $55.21.

Skywest Inc share prices have moved between a 52-week high of $65.80 and a 52-week low of $42.38 and closed yesterday at 16% above that low price at $49.34 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.4%.

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

SmarTrend is tracking the current trend status for Skywest Inc and will alert subscribers who have SKYW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle skywest inc

Ticker(s): SKYW