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Possible Bullish Inside Day Candle Pattern Detected for Dana (NYSE:DAN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Dana (NYSE:DAN) based on the price action in the company's shares. Today's price range of $15.15 and $15.40 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. Traders and investors interested in shares of Dana may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Dana has traded in a range of $9.80 to $22.34 and is now at $15.40, 57% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 0.3%.

Dana Holding Corporation engineers, manufactures, and distributes components and systems for worldwide automotive, heavy truck, off-highway, engine, and industrial markets. The Company also provides leasing services in selected markets.

Dana has overhead space with shares priced $15.40, or 15.5% below the average consensus analyst price target of $18.22. The stock should find initial support at its 200-day moving average (MA) of $14.90 and further support at its 50-day MA of $13.22.

SmarTrend recommended that subscribers consider buying shares of Dana on July 21st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.40. Since that recommendation, shares of Dana have risen 21.3%. We continue to monitor DAN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle dana

Ticker(s): DAN