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Possible Bullish Inside Day Candle Pattern Detected for Diamondrock Hosp (NYSE:DRH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Diamondrock Hosp (NYSE:DRH) based on the price action in the company's shares. Yesterday's price range of $10.20 and $10.30 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 Diamondrock Hosp 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 13.0% exists for Diamondrock Hosp, based on a current level of $10.28 and analysts' average consensus price target of $11.61. The stock should discover initial support at its 200-day moving average (MA) of $10.27 and subsequent support at its 50-day MA of $10.02.

DiamondRock Hospitality Company is a self-advised real estate investment trust. The Company owns, acquires, and invests in upper scale and upscale hotel properties located in North America. DiamondRock also invests in premium limited-service and extended-stay hotel properties in urban locations.

In the past 52 weeks, shares of Diamondrock Hosp have traded between a low of $8.70 and a high of $11.22 and closed yesterday at $10.28, which is 18% above that low price. The 200-day and 50-day moving averages have moved 0.05% higher and 0.58% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Diamondrock Hosp and will alert subscribers who have DRH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle diamondrock hosp

Ticker(s): DRH