Possible Bullish Inside Day Candle Pattern Detected for Marriott International (NYSE:MAR)
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. Today's price range of $61.76 and $62.73 is within yesterday'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.
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 (NYSE:MAR) has potential upside of 33.7% based on a current price of $62.38 and analysts' consensus price target of $83.43. The stock should run into initial resistance at its 50-day moving average (MA) of $68.82 and subsequent resistance at its 200-day MA of $69.37.
Marriott International share prices have moved between a 52-week high of $81.55 and a 52-week low of $56.43 and are now trading 11% above that low price at $62.38 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 0.2%.
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 inside day candle Marriott International