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Possible Bearish Inside Day Candle Pattern Detected for El Pollo Loco Ho (NASDAQ:LOCO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in El Pollo Loco Ho (NASDAQ:LOCO) based on the price action in the company's shares. Yesterday's price range of $13.43 and $13.84 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 El Pollo Loco Ho may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

El Pollo Loco Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, owns and manages a restaurant chain. El Pollo Loco Holdings provides services throughout the United States.

Based on a current price of $13.64, El Pollo Loco Ho is currently 13.5% above its average consensus analyst price target of $11.80. The stock should find initial support at its 200-day moving average (MA) of $12.38 and further support at its 50-day MA of $10.37.

In the past 52 weeks, El Pollo Loco Ho share prices have been bracketed by a low of $6.15 and a high of $16.65 and closed yesterday at $13.64, 122% above that low price. The 200-day and 50-day moving averages have moved 0.39% higher and 0.14% higher over the past week, respectively.

SmarTrend is tracking the current trend status for El Pollo Loco Ho and will alert subscribers who have LOCO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle el pollo loco ho

Ticker(s): LOCO