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Possible Bullish Inside Day Candle Pattern Detected for Toyota Motor (NYSE:TM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Toyota Motor (NYSE:TM) based on the price action in the company's shares. Today's price range of $101.96 and $102.52 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 Toyota Motor may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

There is potential upside of 34.5% for shares of Toyota Motor based on a current price of $102.31 and an average consensus analyst price target of $137.58. The stock should run into initial resistance at its 50-day moving average (MA) of $105.41 and subsequent resistance at its 200-day MA of $117.61.

In the past 52 weeks, Toyota Motor share prices have been bracketed by a low of $97.80 and a high of $142.84 and are now at $102.31, 5% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.2%.

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

Keywords: bullish inside day candle Toyota Motor

Ticker(s): TM