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Possible Bullish Inside Day Candle Pattern Detected for Dorman Products (NASDAQ:DORM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Dorman Products (NASDAQ:DORM) based on the price action in the company's shares. Yesterday's price range of $69.82 and $71.64 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 Dorman Products 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 5.7% for shares of Dorman Products based on a current price of $70.64 and an average consensus analyst price target of $74.67. The stock should find initial resistance at its 50-day moving average (MA) of $74.56 and further resistance at its 200-day MA of $78.91.

In the past 52 weeks, Dorman Products share prices have been bracketed by a low of $60.00 and a high of $88.50 and closed yesterday at $70.64, 18% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.2%.

Dorman Products, Inc. supplies automotive products and home hardware. The Company supplies its products to the automotive aftermarket and mass merchandise markets.

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

Keywords: bullish am inside day candle dorman products

Ticker(s): DORM