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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 $10.51 and $10.84 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.

There is potential upside of 69.2% for shares of Dana based on a current price of $10.77 and an average consensus analyst price target of $18.22. The stock should run into initial resistance at its 50-day moving average (MA) of $13.22 and subsequent resistance at its 200-day MA of $14.90.

Over the past year, Dana has traded in a range of $10.42 to $22.34 and is now at $10.77, 3% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has slid 0.9%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Dana on May 3rd, 2016 by issuing a Downtrend alert when the shares were trading at $12.51. Since that call, shares of Dana have fallen 16.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle dana

Ticker(s): DAN