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Possible Bullish Inside Day Candle Pattern Detected for Choice Hotels International (NYSE:CHH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Choice Hotels International (NYSE:CHH) based on the price action in the company's shares. Yesterday's price range of $50.82 and $51.35 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 Choice Hotels 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.

Choice Hotels International, Inc. franchises hotel properties. The Company franchises hotels throughout the United States, Puerto Rico, and the District of Columbia, as well as other countries. Choice Hotels' properties operate under the Comfort, Quality, Clarion, Sleep, Rodeway, Econo Lodge, and MainStay brand names.

There is potential upside of 4.4% for shares of Choice Hotels International based on a current price of $51.08 and an average consensus analyst price target of $53.35. Choice Hotels International shares should encounter resistance at the 50-day moving average (MA) of $52.15 and support at its 200-day MA of $50.13.

Choice Hotels International share prices have moved between a 52-week high of $63.03 and a 52-week low of $40.78 and closed yesterday at 25% above that low price at $51.08 per share. The 200-day and 50-day moving averages have moved 0.19% lower and 1.00% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Choice Hotels International on February 16th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.50. Since that recommendation, shares of Choice Hotels International have risen 11.4%. We continue to monitor CHH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle choice hotels international

Ticker(s): CHH