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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Denny's (NASDAQ:DENN) based on the price action in the company's shares. Yesterday's price range of $10.67 and $10.88 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 29.1% exists for Denny's, based on a current level of $10.78 and analysts' average consensus price target of $13.92. The stock should discover initial support at its 200-day moving average (MA) of $10.44 and subsequent support at its 50-day MA of $10.19.

Denny's share prices have moved between a 52-week high of $12.80 and a 52-week low of $8.71 and closed yesterday at 24% above that low price at $10.78 per share. The 200-day and 50-day moving averages have moved 0.26% lower and 0.11% higher over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Denny's on February 19th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.11. Since that recommendation, shares of Denny's have risen 5.5%. 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

Ticker(s): DENN