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Possible Bearish Inside Day Candle Pattern Detected for Genuine Parts Co (NYSE:GPC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Genuine Parts Co (NYSE:GPC) based on the price action in the company's shares. Yesterday's price range of $102.06 and $102.30 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. Owners of Genuine Parts Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Genuine Parts Co (NYSE:GPC) is currently priced 5.6% above its average consensus analyst price target of $95.67. The stock should find resistance at its 50-day moving average (MA) of $103.97, as well as support at its 200-day MA of $100.57.

In the past 52 weeks, shares of Genuine Parts Co have traded between a low of $87.26 and a high of $115.20 and closed yesterday at $101.34, which is 16% above that low price. The 200-day and 50-day moving averages have moved 0.11% lower and 0.21% lower over the past week, respectively.

Genuine Parts Company distributes automotive replacement parts, industrial replacement parts, office products, and electrical and electronic materials. The Company conducts business throughout most of the United States, in Canada, and in Mexico.

SmarTrend is tracking the current trend status for Genuine Parts Co and will alert subscribers who have GPC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle genuine parts co

Ticker(s): GPC