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Possible Bearish Inside Day Candle Pattern Detected for Lkq Corp (NASDAQ:LKQ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lkq Corp (NASDAQ:LKQ) based on the price action in the company's shares. Today's price range of $33.05 and $33.41 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 Lkq Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

LKQ Corporation offers automotive products and services. The Company provides alternative collision replacement parts, recycled engines and transmissions, as well as remanufactured engines. LKQ offers customers in North America, Central America, and Europe replacement systems, components, and parts for the repair of automobiles and light, medium, and heavy-duty trucks.

In the past 52 weeks, shares of Lkq Corp have traded between a low of $29.60 and a high of $43.86 and are now at $33.14, which is 12% above that low price. The 200-day and 50-day moving averages have moved 0.08% lower and 1.48% lower over the past week, respectively.

Lkq Corp has overhead space with shares priced $33.14, or 22.5% below the average consensus analyst price target of $42.77. The stock should run into initial resistance at its 50-day moving average (MA) of $33.19 and subsequent resistance at its 200-day MA of $37.36.

SmarTrend recommended that its subscribers protect gains by selling shares of Lkq Corp on March 5th, 2018 by issuing a Downtrend alert when the shares were trading at $38.75. Since that call, shares of Lkq Corp have fallen 13.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle lkq corp

Ticker(s): LKQ