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Possible Bearish Inside Day Candle Pattern Detected for Six Flags Entert (NYSE:SIX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Six Flags Entert (NYSE:SIX) based on the price action in the company's shares. Today's price range of $13.42 and $14.05 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 Six Flags Entert 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 448.9% exists for Six Flags Entert, based on a current level of $13.42 and analysts' average consensus price target of $73.67. Six Flags Entert shares should first meet resistance at the 50-day moving average (MA) of $24.61 and find additional resistance at the 200-day MA of $42.85.

Six Flags Entertainment Corporation operates regional theme parks across North America. The Company has parks comprised of theme, water, and zoological parks. The Parks offer rides, water attractions, themed areas, concerts, shows, restaurants, game venues, and retail outlets.

In the past 52 weeks, Six Flags Entert share prices have been bracketed by a low of $8.75 and a high of $59.52 and are now at $13.42, 53% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 5.8%.

SmarTrend is monitoring the recent change of momentum in Six Flags Entert. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Six Flags Entert in search of a potential trend change.

Keywords: bearish inside day candle six flags entert

Ticker(s): SIX