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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Genuine Parts (NYSE:GPC) based on the price action in the company's shares. Yesterday's price range of $96.03 and $96.88 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 0.1% exists for Genuine Parts, based on a current level of $96.76 and analysts' average consensus price target of $96.86. Genuine Parts shares have support at the 50-day moving average (MA) of $96.10 and additional support at the 200-day MA of $88.35.

Genuine Parts share prices have moved between a 52-week high of $100.00 and a 52-week low of $76.50 and closed yesterday at 26% above that low price at $96.76 per share. The 200-day and 50-day moving averages have moved 0.22% higher and 0.88% higher over the past week, respectively.

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

SmarTrend recommended that subscribers consider buying shares of Genuine Parts on January 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $82.48. Since that recommendation, shares of Genuine Parts have risen 16.4%. We continue to monitor GPC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Genuine Parts

Ticker(s): GPC