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Possible Bearish Inside Day Candle Pattern Detected for Santander Consum (NYSE:SC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Santander Consum (NYSE:SC) based on the price action in the company's shares. Yesterday's price range of $15.50 and $17.00 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 Santander Consum may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Santander Consumer USA Holdings Inc. provides automotive loans. The Company offers new and used car loans, automobile refinance, and cash back refinance services.

Over the past year, Santander Consum has traded in a range of $9.74 to $27.75 and closed yesterday at $15.59, 60% above that low. The 200-day and 50-day moving averages have moved 0.85% lower and 4.99% lower over the past week, respectively.

Santander Consum (NYSE:SC) has potential upside of 39.3% based on a current price of $15.59 and analysts' consensus price target of $21.72. Santander Consum shares should first meet resistance at the 50-day moving average (MA) of $17.12 and find additional resistance at the 200-day MA of $23.08.

SmarTrend is tracking the current trend status for Santander Consum and will alert subscribers who have SC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle santander consum

Ticker(s): SC