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Darden Restaurants Rises 2.11% on Heavy Volume: Watch For Pullback (DRI)

Written on Tue, 07/27/2010 - 3:26am
By Chip Brian

Darden Restaurants (NYSE:DRI) traded in a range yesterday that spanned from a low of $42.45 to a high of $43.56. Yesterday, the shares gained 2.11%, which took the trading range above the 3-day high of $42.99 on volume of 1.7 million shares.
Shares of Darden Restaurants are currently trading above their 50-day moving average (MA) of $41.67 and above their 200-day MA of $38.91. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Darden Restaurants and our subscribers were alerted to Buy on July 13, 2010 at $40.81. The stock has risen 6.5% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $42.99 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Restaurants industry.

Contact Chip Brian
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