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Possible Bearish Inside Day Candle Pattern Detected for Motorcar Parts (NASDAQ:MPAA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Motorcar Parts (NASDAQ:MPAA) based on the price action in the company's shares. Yesterday's price range of $21.55 and $21.91 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 Motorcar Parts may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 50.0% exists for Motorcar Parts, based on a current level of $21.66 and analysts' average consensus price target of $32.50. The stock should discover initial support at its 50-day moving average (MA) of $18.84 and subsequent support at its 200-day MA of $18.44.

Motorcar Parts of America, Inc. manufactures replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. The Company also assembles and distributes ignition wire sets for imported and domestic cars and light trucks. Motorcar Parts has facilities in the United States, Singapore, and Malaysia.

Motorcar Parts share prices have moved between a 52-week high of $31.57 and a 52-week low of $18.37 and closed yesterday at 18% above that low price at $21.66 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.8%.

SmarTrend recommended that subscribers consider buying shares of Motorcar Parts on September 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.03. Since that recommendation, shares of Motorcar Parts have risen 27.2%. We continue to monitor MPAA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle motorcar parts

Ticker(s): MPAA