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Possible Bullish Inside Day Candle Pattern Detected for Kar Auction Serv (NYSE:KAR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Kar Auction Serv (NYSE:KAR) based on the price action in the company's shares. Yesterday's price range of $12.39 and $13.41 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 Kar Auction Serv may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Kar Auction Serv share prices have been bracketed by a low of $9.41 and a high of $63.17 and closed yesterday at $13.16, 40% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 4.9%.

KAR Auction Services, Inc. provides wholesale vehicle auction services in North America. The Company facilitates a marketplace providing auction services for sellers and offers used and salvage vehicles through physical auction locations and multiple proprietary Internet websites.

There is potential upside of 363.9% for shares of Kar Auction Serv based on a current price of $13.16 and an average consensus analyst price target of $61.05. The stock should run into initial resistance at its 50-day moving average (MA) of $14.18 and subsequent resistance at its 200-day MA of $21.18.

SmarTrend is tracking the current trend status for Kar Auction Serv and will alert subscribers who have KAR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle kar auction serv

Ticker(s): KAR