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Possible Bearish Inside Day Candle Pattern Detected for Texas Roadhouse (NASDAQ:TXRH)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Texas Roadhouse (NASDAQ:TXRH) based on the price action in the company's shares. Yesterday's price range of $43.67 and $44.02 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 Texas Roadhouse may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Texas Roadhouse, Inc. is a moderately priced, full service restaurant chain.

Over the past year, Texas Roadhouse has traded in a range of $31.55 to $50.51 and closed yesterday at $43.92, 39% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

Texas Roadhouse (NASDAQ:TXRH) has potential upside of 1.9% based on a current price of $43.92 and analysts' consensus price target of $44.76. Texas Roadhouse shares have support at the 50-day moving average (MA) of $42.66 and additional support at the 200-day MA of $37.99.

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

Keywords: bearish am inside day candle Texas Roadhouse

Ticker(s): TXRH