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Possible Bearish Inside Day Candle Pattern Detected for Cracker Barrel (NASDAQ:CBRL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cracker Barrel (NASDAQ:CBRL) based on the price action in the company's shares. Yesterday's price range of $91.16 and $93.90 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 Cracker Barrel may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cracker Barrel Old Country Store, Inc. operates restaurants. The Company serves various breakfast, lunch, and dinner dishes such as pancakes, sandwiches, fried chicken, and ice cream. Cracker Barrel Old Country Store serves customers throughout the United States.

Over the past year, Cracker Barrel has traded in a range of $53.61 to $180.93 and closed yesterday at $92.65, 73% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 3.6%.

Cracker Barrel (NASDAQ:CBRL) has potential upside of 71.9% based on a current price of $92.65 and analysts' consensus price target of $159.25. Cracker Barrel shares should encounter resistance at the 200-day moving average (MA) of $143.57 and support at the 50-day MA of $92.33.

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

Keywords: bearish am inside day candle cracker barrel

Ticker(s): CBRL