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Possible Bullish Inside Day Candle Pattern Detected for Monro Muffler (NASDAQ:MNRO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Monro Muffler (NASDAQ:MNRO) based on the price action in the company's shares. Yesterday's price range of $79.31 and $80.68 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 Monro Muffler may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Monro Muffler has traded in a range of $50.25 to $89.72 and closed yesterday at $80.45, 60% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

Monro Muffler Brake, Inc. operates a chain of company owned stores in the Northeast US providing automotive undercar repair and tire services in the Eastern region of the US. The Company's stores provide a broad range of services for brake systems, mufflers and exhaust, tires, steering, drive train, suspension, wheel alignment, routine maintenance, and state inspections.

Monro Muffler (NASDAQ:MNRO) is currently priced 26.7% above its average consensus analyst price target of $59.00. Monro Muffler shares have support at the 50-day moving average (MA) of $80.04 and additional support at the 200-day MA of $73.43.

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

Keywords: bullish am inside day candle monro muffler

Ticker(s): MNRO