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Possible Bearish Inside Day Candle Pattern Detected for Bj'S Restaurants (:BJRI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bj'S Restaurants (:BJRI) based on the price action in the company's shares. Yesterday's price range of $20.31 and $21.28 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. Owners of Bj'S Restaurants may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

BJ's Restaurants Inc owns and operates restaurants under the names BJ's Restaurant & Brewery, BJ's Pizza & Grill, and BJ's Restaurant & Brewhouse. The Company's restaurants are located in Colorado, Oregon, California, Arizona, Texas, and Nevada.

In the past 52 weeks, Bj'S Restaurants share prices have been bracketed by a low of $6.01 and a high of $52.89 and closed yesterday at $20.23, 237% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 4.1%.

Potential upside of 170.1% exists for Bj'S Restaurants, based on a current level of $20.23 and analysts' average consensus price target of $54.64. The stock should find resistance at its 200-day moving average (MA) of $33.32, as well as support at its 50-day MA of $17.91.

SmarTrend is tracking the current trend status for Bj'S Restaurants and will alert subscribers who have BJRI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle :bjri bj's restaurants

Ticker(s): BJRI