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Possible Bullish Inside Day Candle Pattern Detected for Cinemark Holding (NYSE:CNK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cinemark Holding (NYSE:CNK) based on the price action in the company's shares. Yesterday's price range of $36.68 and $37.38 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 Cinemark Holding may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cinemark Holding has overhead space with shares priced $36.97, or 14.4% below the average consensus analyst price target of $43.19. Cinemark Holding shares should first meet resistance at the 50-day moving average (MA) of $37.95 and find additional resistance at the 200-day MA of $39.22.

In the past 52 weeks, shares of Cinemark Holding have traded between a low of $34.03 and a high of $43.51 and closed yesterday at $36.97, which is 9% above that low price. The 200-day and 50-day moving averages have moved 0.15% lower and 1.14% lower over the past week, respectively.

Cinemark Holdings, Inc. operates movie theaters. The Company operates in the United States and Latin America.

SmarTrend is monitoring the recent change of momentum in Cinemark Holding. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cinemark Holding in search of a potential trend change.

Keywords: bullish am inside day candle cinemark holding

Ticker(s): CNK