Possible Bearish Inside Day Candle Pattern Detected for Magna International (NYSE:MGA)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Magna International (NYSE:MGA) based on the price action in the company's shares. Yesterday's price range of $41.39 and $41.94 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 Magna International may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Potential upside of 47.5% exists for Magna International, based on a current level of $41.58 and analysts' average consensus price target of $61.33. The stock should find resistance at its 200-day moving average (MA) of $44.11, as well as support at its 50-day MA of $41.36.
In the past 52 weeks, shares of Magna International have traded between a low of $30.41 and a high of $59.42 and closed yesterday at $41.58, which is 37% above that low price. The 200-day and 50-day moving averages have moved 0.6% lower and 1.17% higher over the past week, respectively.
Magna International Inc. designs, develops, and manufactures automotive systems, assemblies and components, and engineers and assembles complete vehicles. The Company sells its products primarily to original equipment manufacturers.
SmarTrend recommended that subscribers consider buying shares of Magna International on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.61. Since that recommendation, shares of Magna International have risen 10.6%. We continue to monitor MGA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish am inside day candle Magna International