• Return to Headlines

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

By Amy Schwartz

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 $18.16 and $18.86 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.

In the past 52 weeks, Motorcar Parts share prices have been bracketed by a low of $16.58 and a high of $31.57 and closed yesterday at $18.86, 14% above that low price. The 200-day and 50-day moving averages have moved 0.19% lower and 0.31% lower over the past week, respectively.

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.

Potential upside of 72.3% exists for Motorcar Parts, based on a current level of $18.86 and analysts' average consensus price target of $32.50. Motorcar Parts shares should encounter resistance at the 50-day moving average (MA) of $21.32 and support at its 200-day MA of $18.76.

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

Keywords: bullish am inside day candle motorcar parts

Ticker(s): MPAA