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

By Shiri Gupta

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 $22.61 and $23.27 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 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 144% above that low price at $21.95 per share. The 200-day and 50-day moving averages have moved 0.08% lower and 1.84% lower over the past week, respectively.

There is potential upside of 1.7% for shares of Sonic Automoti-A based on a current price of $21.95 and an average consensus analyst price target of $22.33. Sonic Automoti-A shares should encounter resistance at the 200-day moving average (MA) of $27.06 and support at the 50-day MA of $17.40.

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.

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