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Possible Bearish Inside Day Candle Pattern Detected for Fleetcor Technol (NYSE:FLT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fleetcor Technol (NYSE:FLT) based on the price action in the company's shares. Yesterday's price range of $214.56 and $217.50 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 Fleetcor Technol may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Fleetcor Technol has overhead space with shares priced $217.24, or 8.6% below the average consensus analyst price target of $237.78. The stock should find initial support at its 200-day moving average (MA) of $205.29 and further support at its 50-day MA of $190.72.

In the past 52 weeks, Fleetcor Technol share prices have been bracketed by a low of $172.18 and a high of $230.24 and closed yesterday at $217.24, 26% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

FleetCor Technologies Inc. is an independent global provider of specialized payment products and services to commercial fleets, major oil companies and petroleum markets. The Company serves commercial accounts in countries in North America, Europe, Africa and Asia.

SmarTrend recommended that subscribers consider buying shares of Fleetcor Technol on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $187.67. Since that recommendation, shares of Fleetcor Technol have risen 15.8%. We continue to monitor FLT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle fleetcor technol

Ticker(s): FLT