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Possible Bearish Inside Day Candle Pattern Detected for Blackbaud (NASDAQ:BLKB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Blackbaud (NASDAQ:BLKB) based on the price action in the company's shares. Yesterday's price range of $63.02 and $64.19 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 Blackbaud may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Blackbaud has traded in a range of $49.89 to $68.51 and closed yesterday at $63.25, 27% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

Blackbaud, Inc. provides software and related services designed specifically for non-profit organizations. The Company's products and services enable non-profit organizations to increase donations, reduce fundraising costs, improve communication with constituents, manage their finances, and optimize internal operations.

Blackbaud has overhead space with shares priced $63.25, or 6.2% below the average consensus analyst price target of $67.40. The stock should find initial support at its 50-day moving average (MA) of $61.02 and further support at its 200-day MA of $60.31.

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

Keywords: bearish am inside day candle blackbaud

Ticker(s): BLKB