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Possible Bearish Inside Day Candle Pattern Detected for Brinker Intl (NYSE:EAT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Brinker Intl (NYSE:EAT) based on the price action in the company's shares. Today's price range of $21.20 and $22.70 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. Owners of Brinker Intl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Brinker International, Inc. is a restaurant operator who owns, operates, or franchises establishments in the United States and Internationally. These restaurants offer customers burgers, ribs, salads, steaks, classic Italian fare, and Tex-Mex offerings.

Brinker Intl share prices have moved between a 52-week high of $47.57 and a 52-week low of $7.00 and are now trading 220% above that low price at $22.38 per share. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 4.3%.

Brinker Intl (NYSE:EAT) has potential upside of 100.8% based on a current price of $22.38 and analysts' consensus price target of $44.93. The stock should find resistance at its 200-day moving average (MA) of $35.83, as well as support at its 50-day MA of $17.59.

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

Keywords: bearish inside day candle brinker intl

Ticker(s): EAT