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Possible Bullish Inside Day Candle Pattern Detected for Meritor Inc (NYSE:MTOR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Meritor Inc (NYSE:MTOR) based on the price action in the company's shares. Yesterday's price range of $22.31 and $22.69 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 Meritor Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Meritor, Inc. manufactures automobile components for military suppliers, trucks, trailers, and specialty vehicles. The Company also offers related replacement parts in the transportation and industrial sectors. Meritor offers products including axles, drivelines, braking systems, and suspension systems.

In the past 52 weeks, Meritor Inc share prices have been bracketed by a low of $15.01 and a high of $25.78 and closed yesterday at $22.69, 51% above that low price. The 200-day and 50-day moving averages have moved 0.54% higher and 2.58% higher over the past week, respectively.

Meritor Inc (NYSE:MTOR) has potential upside of 27.2% based on a current price of $22.69 and analysts' consensus price target of $28.86. The stock should discover initial support at its 200-day moving average (MA) of $21.06 and subsequent support at its 50-day MA of $18.87.

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

Keywords: bullish am inside day candle meritor inc

Ticker(s): MTOR