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Possible Bearish Inside Day Candle Pattern Detected for Lkq Corp (NASDAQ:LKQ)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lkq Corp (NASDAQ:LKQ) based on the price action in the company's shares. Yesterday's price range of $20.30 and $21.78 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 Lkq Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Lkq Corp has overhead space with shares priced $21.36, or 50.1% below the average consensus analyst price target of $42.77. Lkq Corp shares should first meet resistance at the 50-day moving average (MA) of $29.01 and find additional resistance at the 200-day MA of $30.19.

Lkq Corp share prices have moved between a 52-week high of $36.63 and a 52-week low of $13.31 and closed yesterday at 60% above that low price at $21.36 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 5%.

LKQ Corporation offers automotive products and services. The Company provides alternative collision replacement parts, recycled engines, and transmissions, as well as remanufactured engines. LKQ offers customers in North America, Central America, and Europe. LKQ offers replacement systems, components, and parts for the repair of automobiles and light, medium, and heavy-duty trucks.

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

Keywords: bearish am inside day candle lkq corp

Ticker(s): LKQ