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

By Shiri Gupta

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 $64.31 and $64.91 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.

In the past 52 weeks, shares of Darden Restaurants have traded between a low of $53.38 and a high of $75.60 and are now at $64.75, which is 21% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.4%.

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

Darden Restaurants (NYSE:DRI) defies analysts with a current price ($64.75) 0.5% above its average consensus price target of $64.44. Darden Restaurants shares should encounter resistance at the 200-day moving average (MA) of $65.16 and support at the 50-day MA of $64.27.

SmarTrend recommended that subscribers consider buying shares of Darden Restaurants on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.90. Since that recommendation, shares of Darden Restaurants have risen 3.7%. We continue to monitor DRI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Darden Restaurants

Ticker(s): DRI