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Possible Bearish Inside Day Candle Pattern Detected for Genuine Parts Co (NYSE:GPC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Genuine Parts Co (NYSE:GPC) based on the price action in the company's shares. Yesterday's price range of $102.60 and $103.69 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 Genuine Parts Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Genuine Parts Company distributes automotive replacement parts, industrial replacement parts, office products, and electrical and electronic materials. The Company conducts business throughout most of the United States, in Canada, and in Mexico.

In the past 52 weeks, Genuine Parts Co share prices have been bracketed by a low of $85.80 and a high of $107.75 and closed yesterday at $103.09, 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Genuine Parts Co (NYSE:GPC) defies analysts with a current price ($103.09) 7.2% above its average consensus price target of $95.67. The stock should find initial support at its 50-day moving average (MA) of $99.53 and further support at its 200-day MA of $95.23.

SmarTrend is tracking the current trend status for Genuine Parts Co and will alert subscribers who have GPC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle genuine parts co

Ticker(s): GPC