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Possible Bearish Inside Day Candle Pattern Detected for Mcgrath Rentcorp (NASDAQ:MGRC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mcgrath Rentcorp (NASDAQ:MGRC) based on the price action in the company's shares. Yesterday's price range of $58.52 and $58.52 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 Mcgrath Rentcorp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

McGrath RentCorp rents and sells relocatable modular offices, as well as electronic test and measurement instruments. The Company's offices are used as temporary offices adjacent to existing facilities, sales and construction field offices, classrooms, and for a variety of other purposes. McGrath serves customers in the States of California and Texas.

Mcgrath Rentcorp has overhead space with shares priced $58.52, or 16.4% below the average consensus analyst price target of $70.00. The stock should find initial support at its 200-day moving average (MA) of $55.40 and further support at its 50-day MA of $53.03.

Mcgrath Rentcorp share prices have moved between a 52-week high of $68.79 and a 52-week low of $44.76 and closed yesterday at 31% above that low price at $58.52 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Mcgrath Rentcorp on February 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.39. Since that recommendation, shares of Mcgrath Rentcorp have risen 10.0%. We continue to monitor MGRC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mcgrath rentcorp

Ticker(s): MGRC