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Possible Bullish Inside Day Candle Pattern Detected for Denny'S Corp (NASDAQ:DENN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Denny'S Corp (NASDAQ:DENN) based on the price action in the company's shares. Yesterday's price range of $17.66 and $17.88 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 Denny'S Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Denny's Corp. is a full-service family restaurant chain, operating directly and through franchisees. The Company's restaurants operate under the Denny's name in the United States, Canada, Costa Rica, Guam, Mexico, New Zealand, and Puerto Rico.

Potential upside of 5.7% exists for Denny'S Corp, based on a current level of $17.82 and analysts' average consensus price target of $18.83. The stock should find initial support at its 50-day moving average (MA) of $17.77 and further support at its 200-day MA of $16.10.

In the past 52 weeks, shares of Denny'S Corp have traded between a low of $13.32 and a high of $18.94 and closed yesterday at $17.82, which is 34% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Denny'S Corp on October 31st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.70. Since that recommendation, shares of Denny'S Corp have risen 5.7%. We continue to monitor DENN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle denny's corp

Ticker(s): DENN