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Possible Bearish Inside Day Candle Pattern Detected for Convergys Corp (NYSE:CVG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Convergys Corp (NYSE:CVG) based on the price action in the company's shares. Today's price range of $24.27 and $24.27 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 Convergys Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Convergys Corp have traded between a low of $20.15 and a high of $30.92 and are now at $24.27, which is 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

Convergys Corporation is a global company specializing in relationship management. The Company focuses on customer management providing business and operational support systems via agent assisted services, automated self-service, technology solutions and information management.

Convergys Corp (NYSE:CVG) has potential upside of 5.6% based on a current price of $24.27 and analysts' consensus price target of $25.62. Convergys Corp shares should first meet resistance at the 200-day moving average (MA) of $24.89 and find additional resistance at the 50-day MA of $26.72.

SmarTrend is tracking the current trend status for Convergys Corp and will alert subscribers who have CVG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle convergys corp

Ticker(s): CVG