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Possible Bearish Inside Day Candle Pattern Detected for Liquidity Services (NASDAQ:LQDT)

Published on Mon, 04/08/2013 - 07:29
By Robert Cotter

Analysts have spotted a possible bearish inside day candle pattern in Liquidity Services (NASDAQ:LQDT) based on the price action in the company's shares. Yesterday's price range of $31.88 and $32.62 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 Liquidity Services may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Liquidity Services has overhead space with shares priced $32.27, or 28.7% below the average consensus analyst price target of $45.28. The stock should find initial resistance at its 50-day moving average (MA) of $33.11 and further resistance at its 200-day MA of $41.26.

Liquidity Services share prices have moved between a 52-week high of $66.57 and a 52-week low of $28.62 and closed yesterday at 13% above that low price at $32.27 per share. Over the past week, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has declined 2.9%.

Liquidity Services Inc. provides full service solutions to market and sell surplus assets and wholesale goods.

By Robert Cotter
rcotter@fnno.com