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Possible Bearish Inside Day Candle Pattern Detected for Eldorado Resorts (NASDAQ:ERI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eldorado Resorts (NASDAQ:ERI) based on the price action in the company's shares. Yesterday's price range of $21.49 and $22.63 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 Eldorado Resorts may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Eldorado Resorts Inc. owns and operates as a chain of resorts. The Company offers casino, poker, roulette, and other games, as well as provides food and beverages services. Eldorado Resorts serves customers in the United States.

Eldorado Resorts share prices have moved between a 52-week high of $70.74 and a 52-week low of $6.02 and closed yesterday at 272% above that low price at $22.41 per share. The 200-day and 50-day moving averages have moved 0.93% lower and 10.13% lower over the past week, respectively.

Potential upside of 120.9% exists for Eldorado Resorts, based on a current level of $22.41 and analysts' average consensus price target of $49.50. The stock should find initial resistance at its 50-day moving average (MA) of $25.24 and further resistance at its 200-day MA of $43.20.

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

Keywords: bearish am inside day candle eldorado resorts

Ticker(s): ERI