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Possible Bearish Inside Day Candle Pattern Detected for Comerica Inc (NYSE:CMA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Comerica Inc (NYSE:CMA) based on the price action in the company's shares. Today's price range of $63.74 and $64.58 is within yesterday'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 Comerica Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 59.5% exists for Comerica Inc, based on a current level of $64.58 and analysts' average consensus price target of $103.04. The stock should run into initial resistance at its 50-day moving average (MA) of $66.67 and subsequent resistance at its 200-day MA of $74.04.

Comerica Incorporated is the holding company for business, individual, and investment banks with operations in the United States, Canada, and Mexico. The Company subsidiaries provides services such as corporate banking, international finance, treasury management, community and private banking, small business and individual lending, investment services, and institutional trust.

Over the past year, Comerica Inc has traded in a range of $58.54 to $98.75 and is now at $64.58, 10% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.1%.

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

Keywords: bearish inside day candle comerica inc

Ticker(s): CMA