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Possible Bearish Inside Day Candle Pattern Detected for Meritor Inc (NYSE:MTOR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Meritor Inc (NYSE:MTOR) based on the price action in the company's shares. Yesterday's price range of $19.42 and $19.82 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 Meritor Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Meritor, Inc. manufactures automobile components for military suppliers, trucks, trailers, and specialty vehicles. The Company also offers related replacement parts in the transportation and industrial sectors. Meritor offers products including axles, drivelines, braking systems, and suspension systems.

Meritor Inc share prices have moved between a 52-week high of $25.78 and a 52-week low of $15.01 and closed yesterday at 30% above that low price at $19.53 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 2.3%.

Meritor Inc has overhead space with shares priced $19.53, or 32.3% below the average consensus analyst price target of $28.86. The stock should run into initial resistance at its 200-day moving average (MA) of $20.54 and subsequent resistance at its 50-day MA of $20.81.

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

Keywords: bearish am inside day candle meritor inc

Ticker(s): MTOR