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Possible Bullish Inside Day Candle Pattern Detected for Del Frisco'S Res (NASDAQ:DFRG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Del Frisco'S Res (NASDAQ:DFRG) based on the price action in the company's shares. Yesterday's price range of $13.70 and $14.10 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 Del Frisco'S Res may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Del Frisco's Restaurant Group, Inc develops, owns, and operates steakhouse restaurant chains in multiple states. The restaurants offer selections that include steaks, lobster tails, lamb chops, and fresh seafood, as well as an extensive wine selection.

Potential upside of 22.6% exists for Del Frisco'S Res, based on a current level of $13.95 and analysts' average consensus price target of $17.10. Del Frisco'S Res shares should first meet resistance at the 200-day moving average (MA) of $15.13 and find additional resistance at the 50-day MA of $15.33.

In the past 52 weeks, shares of Del Frisco'S Res have traded between a low of $11.70 and a high of $18.85 and closed yesterday at $13.95, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Del Frisco'S Res on March 14th, 2018 by issuing a Downtrend alert when the shares were trading at $15.23. Since that call, shares of Del Frisco'S Res have fallen 10.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle del frisco's res

Ticker(s): DFRG