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Possible Bearish Inside Day Candle Pattern Detected for Knight Transport (NYSE:KNX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Knight Transport (NYSE:KNX) based on the price action in the company's shares. Today's price range of $34.61 and $34.69 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 Knight Transport may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Knight Transportation, Inc. is a short-to-medium haul and dry van truckload carrier. The Company transports general commodities, including consumer goods, packaged foodstuffs, paper products, beverage containers, and imported and exported commodities. Knight Transportation serves customers in the United States, Canada, and Mexico.

In the past 52 weeks, shares of Knight Transport have traded between a low of $23.27 and a high of $50.35 and are now at $34.61, which is 49% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 2.4%.

Knight Transport (NYSE:KNX) has potential upside of 51.6% based on a current price of $34.61 and analysts' consensus price target of $52.47. The stock should find initial support at its 200-day moving average (MA) of $33.55 and further support at its 50-day MA of $31.69.

SmarTrend recommended that subscribers consider buying shares of Knight Transport on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.16. Since that recommendation, shares of Knight Transport have risen 23.5%. We continue to monitor KNX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle knight transport

Ticker(s): KNX