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Possible Bearish Inside Day Candle Pattern Detected for Wingstop Inc (NASDAQ:WING)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wingstop Inc (NASDAQ:WING) based on the price action in the company's shares. Yesterday's price range of $124.39 and $127.19 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 Wingstop Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wingstop Inc (NASDAQ:WING) is currently priced 57.5% above its average consensus analyst price target of $53.75. The stock should discover initial support at its 50-day moving average (MA) of $91.52 and subsequent support at its 200-day MA of $90.11.

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

Wingstop Inc share prices have moved between a 52-week high of $128.35 and a 52-week low of $44.27 and closed yesterday at 186% above that low price at $126.48 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 2.6%.

SmarTrend recommended that subscribers consider buying shares of Wingstop Inc on March 24th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $72.27. Since that recommendation, shares of Wingstop Inc have risen 76.5%. We continue to monitor WING for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle wingstop inc

Ticker(s): WING