Is Group 1 Automotive Reversing?
Published on Wednesday, 18 July 2012 05:00 Written by TradersHuddle Wire
New York, July 18th (TradersHuddle.com) - Shares of Group 1 Automotive, Inc. (NYSE:GPI) closed the trading day higher by $0.34 or 0.68% from its previous close. Group 1's price action formed what is considered to be a doji close, where the open and close prices are very close to each other, mainly signaling an indecision between buyers and sellers.
Group 1 Automotive, Inc. (NYSE:GPI), through its subsidiaries, owns and operates automobile dealerships. The Company sells new and used cars and light trucks, provides maintenance and repair services, and sells replacement parts. The Company also arranges related financing, insurance, and extended service contracts. Group 1 operates in the United States and the United Kingdom.
Group 1's trading range is defined by a trough, which marked calculated support at $43.63 and by a peak that set the resistance point at $50.25. These levels are closely watched by traders managing their positions.
Traders wanting to establish a position in Group 1 Automotive or traders that are already holding the stock can use the doji close to their advantage, since the pattern present a short-term pause in the stock's price action. This pause results in an entry point for traders depending of which way the stock resolves this short-term indecision.
The Doji is an important candlestick pattern that provides information on their own and as components in a number of important patterns. Doji form when a security's open and close are virtually equal. The length of the upper and lower shadows can vary and the resulting candlestick looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns.
Any bullish or bearish bias is based on preceding price action and future confirmation. In the case of Group 1 Automotive, given that the stock finished the session higher, bulls should monitor their positions for confirmation that the stock will continue higher by taking its intraday high. Below a Doji illustration:
- Group 1 Automotive Announces Disposition of Four Dealerships
- GROUP 1 AUTOMOTIVE TO PRESENT AT INVESTOR CONFERENCES IN NEW YORK CITY
- Group 1 Automotive Increases Quarterly Cash Dividend
- Group 1 Automotive Reports Record 2013 First-Quarter Financial Results On Strong Revenue Growth And Improved Cost Leverage
- Group 1 Automotive Assessing Storm Damage In Oklahoma City and Houston
- Group 1 Automotive Schedules 2013 First-Quarter Earnings Release, Conference Call And Webcast
Related Partner Headlines
- Group 1 Automotive, Inc. (NYSE: GPI) today announced it is assessing damage at 24 - Benzinga
- UPDATE: Sterne Agee Downgrades Group 1 Automotive to Neutral - Benzinga
- UDPATE: Morgan Stanley Maintains Underweight on Group 1 Automotive; Raises PT from $40 to $46 - Benzinga
- Group I Automotive Inc (GPI): Today's Featured Specialty Retail Loser - TheStreet.com
- Group 1 Automotive Acquires Volkswagen Dealership In Florida - Benzinga
- Group 1 Automotive Assessing Hail Damage To Oklahoma City Dealerships; Sees After-Tax Charges of $0.07-0.10 in Q2 - Benzinga
- Group I Automotive Stock To Go Ex-dividend Tomorrow (GPI) - TheStreet.com
- UPDATE: Sterne Agee Upgrades Group 1 Automotive to Buy on Valuation - Benzinga
- Group 1 Automotive Acquires Honda and Volkswagen Dealerships in Florida - Benzinga
- Group 1 Automotive Doubles Footprint In United Kingdom - Benzinga
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