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Possible Bearish Inside Day Candle Pattern Detected for Lear Corp (NYSE:LEA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lear Corp (NYSE:LEA) based on the price action in the company's shares. Yesterday's price range of $125.27 and $128.93 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 Lear Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 61.9% for shares of Lear Corp based on a current price of $126.41 and an average consensus analyst price target of $204.60. The stock should hit resistance at its 200-day moving average (MA) of $136.00, as well as support at its 50-day MA of $122.38.

Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers worldwide.

Over the past year, Lear Corp has traded in a range of $105.10 to $167.86 and closed yesterday at $126.41, 20% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has slid 0.3%.

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

Keywords: bearish am inside day candle lear corp

Ticker(s): LEA