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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 $118.33 and $125.15 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.

In the past 52 weeks, shares of Allegiant Travel have traded between a low of $111.54 and a high of $181.45 and closed yesterday at $124.85, which is 12% above that low price. The 200-day and 50-day moving averages have moved 0.02% higher and 1.83% lower over the past week, respectively.

There is potential upside of 40.8% for shares of Allegiant Travel based on a current price of $124.85 and an average consensus analyst price target of $175.77. Allegiant Travel shares should first meet resistance at the 50-day moving average (MA) of $145.75 and find additional resistance at the 200-day MA of $152.94.

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

SmarTrend recommended that its subscribers protect gains by selling shares of Allegiant Travel on June 6th, 2018 by issuing a Downtrend alert when the shares were trading at $149.53. Since that call, shares of Allegiant Travel have fallen 16.5%. 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