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Possible Bullish Inside Day Candle Pattern Detected for Genuine Parts Co (NYSE:GPC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Genuine Parts Co (NYSE:GPC) based on the price action in the company's shares. Yesterday's price range of $92.63 and $93.59 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. Traders and investors interested in shares of Genuine Parts Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Genuine Parts Co (NYSE:GPC) has potential upside of 2.6% based on a current price of $93.23 and analysts' consensus price target of $95.67. The stock should find initial resistance at its 50-day moving average (MA) of $93.49 and further resistance at its 200-day MA of $100.58.

In the past 52 weeks, shares of Genuine Parts Co have traded between a low of $87.26 and a high of $115.20 and closed yesterday at $93.23, which is 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

Genuine Parts Company distributes automotive replacement parts, industrial replacement parts, office products, and electrical and electronic materials. The Company conducts business throughout most of the United States, in Canada, and in Mexico.

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

Keywords: bullish am inside day candle genuine parts co

Ticker(s): GPC