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Possible Bullish Inside Day Candle Pattern Detected for Brinker International (NYSE:EAT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Brinker International (NYSE:EAT) based on the price action in the company's shares. Today's price range of $43.90 and $44.26 is within yesterday'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 Brinker International 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, Brinker International share prices have been bracketed by a low of $43.20 and a high of $60.34 and are now at $44.19, 2% above that low price. The 200-day and 50-day moving averages have moved 0.45% lower and 0.48% lower over the past week, respectively.

Brinker International, Inc. is a restaurant operator who owns, operates or franchises establishments in the United States and internationally. These restaurants offer customers burgers, ribs, salads, steaks, classic Italian fare, and Tex-Mex offerings.

Brinker International has overhead space with shares priced $44.19, or 20.0% below the average consensus analyst price target of $55.25. The stock should find initial resistance at its 50-day moving average (MA) of $47.07 and further resistance at its 200-day MA of $49.24.

SmarTrend recommended that its subscribers protect gains by selling shares of Brinker International on March 14th, 2016 by issuing a Downtrend alert when the shares were trading at $47.34. Since that call, shares of Brinker International have fallen 7.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Brinker International

Ticker(s): EAT