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

By Nick Russo

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 $156.25 and $160.40 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, Allegiant Travel share prices have been bracketed by a low of $111.54 and a high of $182.25 and closed yesterday at $160.00, 43% above that low price. 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%.

Potential upside of 4.3% exists for Allegiant Travel, based on a current level of $160.00 and analysts' average consensus price target of $166.82. 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.

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

SmarTrend recommended that subscribers consider buying shares of Allegiant Travel on November 28th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $140.98. Since that recommendation, shares of Allegiant Travel have risen 13.5%. We continue to monitor ALGT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle allegiant travel

Ticker(s): ALGT