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Possible Bullish Inside Day Candle Pattern Detected for Marriott International (NYSE:MAR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Marriott International (NYSE:MAR) based on the price action in the company's shares. Yesterday's price range of $61.65 and $62.73 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 Marriott International 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 Marriott International have traded between a low of $56.43 and a high of $81.55 and closed yesterday at $62.59, which is 11% 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%.

Marriott International, Inc. is a worldwide operator and franchisor of hotels. The Company franchises lodging facilities and vacation timesharing resorts under various brand names. Marriott also provides services to home/condominium owner associations for projects associated with several of its brands.

Marriott International has overhead space with shares priced $62.59, or 25.0% below the average consensus analyst price target of $83.43. The stock should find initial resistance at its 50-day moving average (MA) of $68.82 and further resistance at its 200-day MA of $69.37.

SmarTrend recommended that its subscribers protect gains by selling shares of Marriott International on May 19th, 2016 by issuing a Downtrend alert when the shares were trading at $64.68. Since that call, shares of Marriott International have fallen 5.4%. 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 Marriott International

Ticker(s): MAR