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Possible Bullish Inside Day Candle Pattern Detected for Penske Automotiv (NYSE:PAG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Penske Automotiv (NYSE:PAG) based on the price action in the company's shares. Yesterday's price range of $47.07 and $47.97 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 Penske Automotiv may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 14.5% exists for Penske Automotiv, based on a current level of $47.93 and analysts' average consensus price target of $54.89. The stock should hit resistance at its 50-day moving average (MA) of $49.94, as well as support at its 200-day MA of $46.93.

In the past 52 weeks, shares of Penske Automotiv have traded between a low of $41.26 and a high of $53.81 and closed yesterday at $47.93, which is 16% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

Penske Automotive Group, Inc. operates franchised automobile dealerships. The Company's franchises are located throughout the United States, Puerto Rico, and the United Kingdom. Penske Automotive Group sells new and used vehicles, as well as offers maintenance and repair services on all brands it represents.

SmarTrend recommended that its subscribers protect gains by selling shares of Penske Automotiv on January 3rd, 2020 by issuing a Downtrend alert when the shares were trading at $49.52. Since that call, shares of Penske Automotiv have fallen 5.1%. 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 penske automotiv

Ticker(s): PAG