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Possible Bearish Inside Day Candle Pattern Detected for Dorman Products (NASDAQ:DORM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dorman Products (NASDAQ:DORM) based on the price action in the company's shares. Yesterday's price range of $73.19 and $74.28 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 Dorman Products 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, Dorman Products share prices have been bracketed by a low of $64.06 and a high of $97.38 and closed yesterday at $73.84, 15% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

Dorman Products, Inc. supplies automotive replacement parts, automotive hardware, and brake products to the automotive aftermarket and mass merchandise markets in the United States, Canada, Mexico, Europe, the Middle East, and Australia.

Potential upside of 1.1% exists for Dorman Products, based on a current level of $73.84 and analysts' average consensus price target of $74.67. The stock should run into initial resistance at its 50-day moving average (MA) of $81.68 and subsequent resistance at its 200-day MA of $85.03.

SmarTrend recommended that its subscribers protect gains by selling shares of Dorman Products on July 9th, 2019 by issuing a Downtrend alert when the shares were trading at $81.70. Since that call, shares of Dorman Products have fallen 8.5%. 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 dorman products

Ticker(s): DORM