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Possible Bullish Inside Day Candle Pattern Detected for Truecar Inc (NASDAQ:TRUE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Truecar Inc (NASDAQ:TRUE) based on the price action in the company's shares. Yesterday's price range of $5.39 and $5.48 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 Truecar Inc 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, Truecar Inc share prices have been bracketed by a low of $5.02 and a high of $14.55 and closed yesterday at $5.42, 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 1.1%.

Truecar Inc has overhead space with shares priced $5.42, or 62.8% below the average consensus analyst price target of $14.56. The stock should find initial resistance at its 50-day moving average (MA) of $6.24 and further resistance at its 200-day MA of $9.11.

TrueCar, Inc., together with its subsidiaries, operates as an Internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar Website and mobile applications.

SmarTrend recommended that its subscribers protect gains by selling shares of Truecar Inc on February 19th, 2019 by issuing a Downtrend alert when the shares were trading at $7.65. Since that call, shares of Truecar Inc have fallen 30.2%. 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 truecar inc

Ticker(s): TRUE