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

By David Diaz

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. Today's price range of $41.47 and $41.60 is within yesterday'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.

Over the past year, Autonation Inc has traded in a range of $32.83 to $51.99 and is now at $41.60, 27% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.8%.

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.

Autonation Inc (NYSE:AN) has potential upside of 35.1% based on a current price of $41.60 and analysts' consensus price target of $56.20. The stock should find initial support at its 200-day moving average (MA) of $39.45 and further support at its 50-day MA of $36.31.

SmarTrend recommended that subscribers consider buying shares of Autonation Inc on April 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.93. Since that recommendation, shares of Autonation Inc have risen 16.0%. We continue to monitor AN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle autonation inc

Ticker(s): AN