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Possible Bearish Inside Day Candle Pattern Detected for Darden Restauran (NYSE:DRI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Darden Restauran (NYSE:DRI) based on the price action in the company's shares. Today's price range of $72.94 and $74.22 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 Darden Restauran may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 37.7% exists for Darden Restauran, based on a current level of $73.44 and analysts' average consensus price target of $101.10. The stock should find resistance at its 200-day moving average (MA) of $103.65, as well as support at its 50-day MA of $64.49.

Darden Restaurants, Inc. owns and operates full service restaurants. The Company operates a variety of seafood and Italian restaurants under a multitude of brand names. Darden Restaurants owns restaurants through North America.

In the past 52 weeks, Darden Restauran share prices have been bracketed by a low of $26.15 and a high of $128.41 and are now at $73.44, 181% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 6%.

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

Keywords: bearish inside day candle darden restauran

Ticker(s): DRI