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Possible Bearish Inside Day Candle Pattern Detected for Monarch Casino (NASDAQ:MCRI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Monarch Casino (NASDAQ:MCRI) based on the price action in the company's shares. Yesterday's price range of $33.04 and $34.67 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 Monarch Casino 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 42.8% exists for Monarch Casino, based on a current level of $33.34 and analysts' average consensus price target of $47.60. Monarch Casino shares should encounter resistance at the 200-day moving average (MA) of $42.57 and support at the 50-day MA of $30.92.

Monarch Casino & Resort, Inc., through its wholly owned subsidiary, owns and operates the tropically-themed casino resort in Reno, Nevada. The Resort features a casino, a hotel and motor lounge, restaurants, bars, a nightclub, a swimming pool and health club, a gift shop, a family entertainment center, banquet and meeting space, and surface parking spaces.

Over the past year, Monarch Casino has traded in a range of $12.83 to $57.57 and closed yesterday at $33.34, 160% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 5.8%.

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

Keywords: bearish am inside day candle monarch casino

Ticker(s): MCRI