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Darden Restaurants Inc. (DRI) in a Bullish Continuation Breakout

Darden Restaurants Inc. $DRI has been in secular bull run since late 2014. In Q4 2018, after closing at a historic high around  $120, it fell along with the rest of the market. After price came back down to $96, it found support and rallied along with the rest of the market as well. 

During the 3/21 session, price jumped up, buoyed by the latest earnings report. 

Earnings per share was reported at $1.80, which beat the $1.75 Wall Street estimate. 
Revenue came in at $2.25 billion, matching the $2.24 billion estimate. 
Guidance for earnings came in at $5.76-$5.80 for 2019, which is above the Wall Street estimate of $5.70 for 2019. 
From investorplace.com

DRI Daily Chart

(click to enlarge)

Bulls Taking Over:
- since the late 2018 correction, price has returned into a bullish run.
- The reaction to the latest earnings report propelled price above the range of consolidation.
- This is a bullish continuation breakout. 
- We should expect price to revisit the intra-session highs around the $122.50-$123 area. If price does reach this high again, I think there is a strong prospect of DRI pushing into and closing at fresh highs. 
- Furthermore, if there is a pullback, we should anticipate support around $112.50. 
- At this point, a break below $107.50 would be a surprise, and would signal further bearish correction. This would likely only happen if the overall market is in a significant contraction.

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