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

By Nick Russo

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. Yesterday's price range of $10.51 and $10.87 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. 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.

In the past 52 weeks, shares of Dana have traded between a low of $10.42 and a high of $22.34 and closed yesterday at $10.56, which is 1% above that low price. 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 has overhead space with shares priced $10.56, or 42.0% below the average consensus analyst price target of $18.22. Dana shares should first meet resistance at the 50-day moving average (MA) of $13.22 and find additional resistance at the 200-day MA of $14.90.

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 am inside day candle dana

Ticker(s): DAN