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Possible Bearish Inside Day Candle Pattern Detected for Sonic Automoti-A (NYSE:SAH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sonic Automoti-A (NYSE:SAH) based on the price action in the company's shares. Yesterday's price range of $20.23 and $22.03 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 Sonic Automoti-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sonic Automotive, Inc. is an automotive retailer. The Company operates dealers and collision repair centers in the metropolitan southeastern, midwestern, and southwestern United States. Sonic Automotive sells new and used cars and light trucks, as well as replacement parts. Sonic Automotive also provides vehicle maintenance, warranty, paint, repair, and arranges financing services.

Sonic Automoti-A share prices have moved between a 52-week high of $35.41 and a 52-week low of $9.00 and closed yesterday at 138% above that low price at $21.43 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 4.4%.

There is potential upside of 4.2% for shares of Sonic Automoti-A based on a current price of $21.43 and an average consensus analyst price target of $22.33. The stock should find resistance at its 200-day moving average (MA) of $27.14, as well as support at its 50-day MA of $18.38.

SmarTrend is tracking the current trend status for Sonic Automoti-A and will alert subscribers who have SAH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle sonic automoti-a

Ticker(s): SAH