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Possible Bullish Inside Day Candle Pattern Detected for Motorcar Parts (NASDAQ:MPAA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Motorcar Parts (NASDAQ:MPAA) based on the price action in the company's shares. Yesterday's price range of $20.02 and $20.66 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 Motorcar 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.

Motorcar Parts has overhead space with shares priced $20.63, or 36.5% below the average consensus analyst price target of $32.50. The stock should find resistance at its 50-day moving average (MA) of $21.17, as well as support at its 200-day MA of $18.77.

Motorcar Parts of America, Inc. manufactures replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. The Company also assembles and distributes ignition wire sets for imported and domestic cars and light trucks. Motorcar Parts has facilities in the United States, Singapore, and Malaysia.

Motorcar Parts share prices have moved between a 52-week high of $31.57 and a 52-week low of $18.37 and closed yesterday at 12% above that low price at $20.63 per share. The 200-day and 50-day moving averages have moved 0.04% higher and 0.14% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Motorcar Parts on September 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.03. Since that recommendation, shares of Motorcar Parts have risen 16.7%. We continue to monitor MPAA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle motorcar parts

Ticker(s): MPAA