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

By James Quinn

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 $9.85 and $10.74 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.

Kar Auction Serv has overhead space with shares priced $10.80, or 82.3% below the average consensus analyst price target of $61.05. Kar Auction Serv shares should first meet resistance at the 50-day moving average (MA) of $18.21 and find additional resistance at the 200-day MA of $24.22.

In the past 52 weeks, shares of Kar Auction Serv have traded between a low of $9.41 and a high of $63.17 and closed yesterday at $10.80, which is 15% above that low price. The 200-day and 50-day moving averages have moved 4.85% lower and 5.69% lower over the past week, respectively.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Kar Auction Serv on June 28th, 2019 by issuing a Downtrend alert when the shares were trading at $24.26. Since that call, shares of Kar Auction Serv have fallen 60.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle kar auction serv

Ticker(s): KAR