Nick Santiago
InTheMoneyStocks
Thursday, September 26, 2019
Darden Restaurants $DRI Has Been Crushed Since Earnings, Here’s The Trade
Leading restaurant stock, Darden Restaurants Inc (NYSE:DRI), has been selling off sharply since reporting earnings on September 19th, 2019. The stock was trading as high as $127.60 a share before its earnings announcement. Since that time, the stock has collapsed down to the $116.00 level. Today, DRI stock is testing its 200-day moving average, so there could be some short-term support here around this area. While the stock is currently at short-term support the better support level for a more defined bottom would be around the $110.00 level. This is where the stock broke out in March 2019. Often, prior break-out levels will serve as excellent support when initially tested. I’m keeping this stock on my radar around this $110.00 level for a long side trade.
