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Possible Bearish Inside Day Candle Pattern Detected for Autonation Inc (NYSE:AN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Autonation Inc (NYSE:AN) based on the price action in the company's shares. Yesterday's price range of $33.48 and $34.54 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 Autonation Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

AutoNation, Inc. retails, finances, and services new and used vehicles. The Company also provides other related services and products, such as the sale of parts and accessories, extended service contracts, aftermarket automotive products, and collision repair services. AutoNation operates throughout the United States.

In the past 52 weeks, Autonation Inc share prices have been bracketed by a low of $32.83 and a high of $51.99 and closed yesterday at $33.57, 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.8%.

Autonation Inc has overhead space with shares priced $33.57, or 40.3% below the average consensus analyst price target of $56.20. Autonation Inc shares should first meet resistance at the 50-day moving average (MA) of $36.34 and find additional resistance at the 200-day MA of $41.13.

SmarTrend recommended that its subscribers protect gains by selling shares of Autonation Inc on March 4th, 2019 by issuing a Downtrend alert when the shares were trading at $34.79. Since that call, shares of Autonation Inc have fallen 3.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle autonation inc

Ticker(s): AN