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Possible Bullish Inside Day Candle Pattern Detected for Allegiant Travel (NASDAQ:ALGT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Allegiant Travel (NASDAQ:ALGT) based on the price action in the company's shares. Yesterday's price range of $140.50 and $144.21 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. Traders and investors interested in shares of Allegiant Travel may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Allegiant Travel share prices have moved between a 52-week high of $238.13 and a 52-week low of $134.64 and closed yesterday at 6% above that low price at $142.65 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.5%.

Allegiant Travel Company is a leisure travel company. The Company operates a passenger airline marketed to leisure travelers in small cities.

Allegiant Travel (NASDAQ:ALGT) has potential upside of 59.0% based on a current price of $142.65 and analysts' consensus price target of $226.83. The stock should find initial resistance at its 50-day moving average (MA) of $171.09 and further resistance at its 200-day MA of $186.42.

SmarTrend recommended that its subscribers protect gains by selling shares of Allegiant Travel on April 29th, 2016 by issuing a Downtrend alert when the shares were trading at $161.93. Since that call, shares of Allegiant Travel have fallen 11.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle allegiant travel

Ticker(s): ALGT