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Possible Bullish Inside Day Candle Pattern Detected for PACCAR (NASDAQ:PCAR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PACCAR (NASDAQ:PCAR) based on the price action in the company's shares. Today's price range of $62.33 and $62.96 is within yesterday'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 PACCAR 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 PACCAR have traded between a low of $43.46 and a high of $70.12 and are now at $62.84, which is 45% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.8%.

Potential upside of 11.3% exists for PACCAR, based on a current level of $62.84 and analysts' average consensus price target of $69.94. The stock should discover initial support at its 50-day moving average (MA) of $54.62 and subsequent support at its 200-day MA of $53.60.

PACCAR Inc designs, develops, manufactures, and distributes light-, medium-, and heavy-duty trucks, and related aftermarket distribution of parts. The Company also offers finance and leasing services to its customers and dealers.

SmarTrend recommended that its subscribers protect gains by selling shares of PACCAR on April 13th, 2017 by issuing a Downtrend alert when the shares were trading at $65.27. Since that call, shares of PACCAR have fallen 4.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle paccar

Ticker(s): PCAR