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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Knight Transportation (NYSE:KNX) based on the price action in the company's shares. Yesterday's price range of $28.44 and $28.78 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 Knight Transportation 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, Knight Transportation has traded in a range of $20.56 to $30.79 and closed yesterday at $28.71, 40% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

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

Potential upside of 4.5% exists for Knight Transportation, based on a current level of $28.71 and analysts' average consensus price target of $30.00. The stock should find initial support at its 50-day moving average (MA) of $25.94 and further support at its 200-day MA of $25.55.

SmarTrend recommended that subscribers consider buying shares of Knight Transportation on June 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.83. Since that recommendation, shares of Knight Transportation have risen 3.8%. We continue to monitor KNX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle knight transportation

Ticker(s): KNX