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Possible Bearish Inside Day Candle Pattern Detected for Kar Auction Serv (NYSE:KAR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kar Auction Serv (NYSE:KAR) based on the price action in the company's shares. Yesterday's price range of $48.76 and $49.04 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 Kar Auction Serv may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Kar Auction Serv (NYSE:KAR) has potential upside of 25.6% based on a current price of $48.59 and analysts' consensus price target of $61.05. The stock should find initial resistance at its 50-day moving average (MA) of $49.94 and further resistance at its 200-day MA of $55.50.

In the past 52 weeks, shares of Kar Auction Serv have traded between a low of $43.32 and a high of $64.55 and closed yesterday at $48.59, which is 12% above that low price. The 200-day and 50-day moving averages have moved 0.18% lower and 0.16% higher over the past week, respectively.

KAR Auction Services, Inc., together with its subsidiaries, provides used car auction and salvage auction services in the United States, Canada, Mexico, and the United Kingdom. The company operates through three segments: ADESA Auctions, IAA, and AFC.

SmarTrend is tracking the current trend status for Kar Auction Serv and will alert subscribers who have KAR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle kar auction serv

Ticker(s): KAR