• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Sonic Automoti-A (NYSE:SAH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sonic Automoti-A (NYSE:SAH) based on the price action in the company's shares. Yesterday's price range of $14.10 and $14.39 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 Sonic Automoti-A 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 55.1% exists for Sonic Automoti-A, based on a current level of $14.40 and analysts' average consensus price target of $22.33. The stock should find initial resistance at its 50-day moving average (MA) of $15.10 and further resistance at its 200-day MA of $18.01.

Sonic Automotive, Inc. is an automotive retailer. The Company operates dealers and collision repair centers in the metropolitan southeastern, midwestern, and southwestern United States. The Company sells new and used cars and light trucks as well as replacement parts. Sonic also provides vehicle maintenance, warranty, paint, repair services, and arranges financing services.

In the past 52 weeks, Sonic Automoti-A share prices have been bracketed by a low of $12.78 and a high of $23.60 and closed yesterday at $14.40, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.8%.

SmarTrend is tracking the current trend status for Sonic Automoti-A and will alert subscribers who have SAH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle sonic automoti-a

Ticker(s): SAH