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Possible Bullish Inside Day Candle Pattern Detected for Darden Restaurants (NYSE:DRI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Darden Restaurants (NYSE:DRI) based on the price action in the company's shares. Today's price range of $61.52 and $62.32 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 Darden Restaurants may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Darden Restaurants has overhead space with shares priced $62.19, or 3.5% below the average consensus analyst price target of $64.44. Darden Restaurants shares should first meet resistance at the 200-day moving average (MA) of $64.57 and find additional resistance at the 50-day MA of $65.14.

Darden Restaurants share prices have moved between a 52-week high of $75.60 and a 52-week low of $53.38 and are now trading 17% above that low price at $62.19 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.3%.

Darden Restaurants, Inc. operates casual dining restaurants in North America. The Company owns and operates seafood and Italian restaurants.

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

Keywords: bullish inside day candle Darden Restaurants

Ticker(s): DRI