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Possible Bearish Inside Day Candle Pattern Detected for Motorcar Parts (NASDAQ:MPAA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Motorcar Parts (NASDAQ:MPAA) based on the price action in the company's shares. Yesterday's price range of $20.59 and $20.93 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 Motorcar Parts may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Motorcar Parts of America, Inc. manufactures replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. The Company also assembles and distributes ignition wire sets for imported and domestic cars and light trucks. Motorcar Parts has facilities in the United States, Singapore, and Malaysia.

Potential upside of 56.9% exists for Motorcar Parts, based on a current level of $20.71 and analysts' average consensus price target of $32.50. Motorcar Parts shares should encounter resistance at the 200-day moving average (MA) of $23.59 and support at the 50-day MA of $20.59.

Over the past year, Motorcar Parts has traded in a range of $18.09 to $34.73 and closed yesterday at $20.71, 14% above that low. The 200-day and 50-day moving averages have moved 0.9% lower and 0.26% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Motorcar Parts and will alert subscribers who have MPAA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle motorcar parts

Ticker(s): MPAA