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Possible Bullish Inside Day Candle Pattern Detected for Lkq Corp (NASDAQ:LKQ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lkq Corp (NASDAQ:LKQ) based on the price action in the company's shares. Yesterday's price range of $26.24 and $26.53 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 Lkq Corp 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 Lkq Corp have traded between a low of $22.74 and a high of $36.10 and closed yesterday at $26.37, which is 16% 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 0.4%.

There is potential upside of 62.2% for shares of Lkq Corp based on a current price of $26.37 and an average consensus analyst price target of $42.77. Lkq Corp shares should first meet resistance at the 200-day moving average (MA) of $28.14 and find additional resistance at the 50-day MA of $28.36.

LKQ Corporation offers automotive products and services. The Company provides alternative collision replacement parts, recycled engines and transmissions, as well as remanufactured engines. LKQ offers customers in North America, Central America, and Europe replacement systems, components, and parts for the repair of automobiles and light, medium, and heavy-duty trucks.

SmarTrend recommended that its subscribers protect gains by selling shares of Lkq Corp on May 3rd, 2019 by issuing a Downtrend alert when the shares were trading at $28.96. Since that call, shares of Lkq Corp have fallen 9.6%. 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 lkq corp

Ticker(s): LKQ