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Possible Bullish Inside Day Candle Pattern Detected for Genuine Parts Co (NYSE:GPC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Genuine Parts Co (NYSE:GPC) based on the price action in the company's shares. Yesterday's price range of $94.49 and $95.90 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 Genuine Parts Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Genuine Parts Company distributes automotive replacement parts, industrial replacement parts, office products, and electrical and electronic materials. The Company conducts business throughout most of the United States, in Canada, and in Mexico.

In the past 52 weeks, Genuine Parts Co share prices have been bracketed by a low of $87.26 and a high of $115.20 and closed yesterday at $92.04, 5% above that low price. The 200-day and 50-day moving averages have moved 0.06% lower and 0.54% lower over the past week, respectively.

Genuine Parts Co has overhead space with shares priced $92.04, or 3.8% below the average consensus analyst price target of $95.67. The stock should run into initial resistance at its 200-day moving average (MA) of $99.40 and subsequent resistance at its 50-day MA of $100.29.

SmarTrend is monitoring the recent change of momentum in Genuine Parts Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Genuine Parts Co in search of a potential trend change.

Keywords: bullish am inside day candle genuine parts co

Ticker(s): GPC