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Possible Bearish Inside Day Candle Pattern Detected for Cdk Global Inc (NASDAQ:CDK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cdk Global Inc (NASDAQ:CDK) based on the price action in the company's shares. Yesterday's price range of $51.66 and $52.51 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 Cdk Global Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Cdk Global Inc have traded between a low of $41.50 and a high of $63.90 and closed yesterday at $51.80, which is 25% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

CDK Global Inc. is a provider of integrated information technology and digital marketing solutions to the automotive retail industry. The Company integrates workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, repair, and maintenance of vehicles.

Potential upside of 51.2% exists for Cdk Global Inc, based on a current level of $51.80 and analysts' average consensus price target of $78.33. The stock should discover initial support at its 200-day moving average (MA) of $51.66 and subsequent support at its 50-day MA of $47.62.

SmarTrend is tracking the current trend status for Cdk Global Inc and will alert subscribers who have CDK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle cdk global inc

Ticker(s): CDK