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Possible Bearish Inside Day Candle Pattern Detected for Skywest Inc (NASDAQ:SKYW)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Skywest Inc (NASDAQ:SKYW) based on the price action in the company's shares. Yesterday's price range of $27.58 and $29.22 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 Skywest Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Skywest Inc has overhead space with shares priced $27.97, or 56.8% below the average consensus analyst price target of $64.75. The stock should find resistance at its 200-day moving average (MA) of $51.59, as well as support at its 50-day MA of $27.43.

SkyWest, Inc. operates regional airlines that offer scheduled passenger service to destinations in the United States, Canada, Mexico, and the Caribbean.

Over the past year, Skywest Inc has traded in a range of $10.58 to $66.52 and closed yesterday at $27.97, 164% above that low. The 200-day and 50-day moving averages have moved 0.95% lower and 4.18% lower over the past week, respectively.

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

Keywords: bearish am inside day candle skywest inc

Ticker(s): SKYW