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Possible Bearish Inside Day Candle Pattern Detected for Group 1 Automoti (NYSE:GPI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Group 1 Automoti (NYSE:GPI) based on the price action in the company's shares. Yesterday's price range of $72.00 and $72.83 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 Group 1 Automoti may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Group 1 Automotive, Inc., through its subsidiaries, owns and operates automobile dealerships. The Company sells new and used cars and light trucks, provides maintenance and repair services, and sells replacement parts. The Company also arranges related financing, insurance, and extended service contracts. Group 1 operates in Florida, Georgia, Colorado, Oklahoma, New Mexico, and Texas.

In the past 52 weeks, Group 1 Automoti share prices have been bracketed by a low of $51.62 and a high of $84.47 and closed yesterday at $72.53, 41% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.3%.

Potential upside of 7.1% exists for Group 1 Automoti, based on a current level of $72.53 and analysts' average consensus price target of $77.71. The stock should find initial support at its 200-day moving average (MA) of $72.28 and further support at its 50-day MA of $68.61.

SmarTrend recommended that subscribers consider buying shares of Group 1 Automoti on April 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.26. Since that recommendation, shares of Group 1 Automoti have risen 8.4%. We continue to monitor GPI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle group 1 automoti

Ticker(s): GPI