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Possible Bearish Inside Day Candle Pattern Detected for Century Casinos (NASDAQ:CNTY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Century Casinos (NASDAQ:CNTY) based on the price action in the company's shares. Yesterday's price range of $4.21 and $4.76 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 Century Casinos may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Century Casinos share prices have been bracketed by a low of $1.01 and a high of $10.41 and closed yesterday at $4.53, 349% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 7.3% while the 200-day MA has slid 1.5%.

Century Casinos has overhead space with shares priced $4.53, or 63.4% below the average consensus analyst price target of $12.38. The stock should find resistance at its 200-day moving average (MA) of $7.13, as well as support at its 50-day MA of $3.98.

Century Casinos, Inc. is an international casino entertainment company. The Company owns and operates casinos, hotels, and resorts in the United States, Canada, South Africa, and the Czech Republic. Century Casinos also operates casinos aboard luxury cruise vessels.

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

Keywords: bearish am inside day candle century casinos

Ticker(s): CNTY