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

By Amy Schwartz

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. Today's price range of $53.90 and $54.37 is within yesterday'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.

Over the past year, Kar Auction Serv has traded in a range of $38.16 to $56.75 and is now at $53.97, 41% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

KAR Auction Services, Inc. provides wholesale vehicle auction services in North America. The Company facilitates a marketplace providing auction services for sellers of used and salvage vehicles through physical auction locations and multiple proprietary Internet websites.

Kar Auction Serv (NYSE:KAR) has potential upside of 13.1% based on a current price of $53.97 and analysts' consensus price target of $61.05. The stock should find initial support at its 50-day moving average (MA) of $37.57 and further support at its 200-day MA of $36.79.

SmarTrend is monitoring the recent change of momentum in Kar Auction Serv. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Kar Auction Serv in search of a potential trend change.

Keywords: bearish inside day candle kar auction serv

Ticker(s): KAR