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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Convergys (NYSE:CVG) based on the price action in the company's shares. Yesterday's price range of $23.79 and $24.43 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 Convergys may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Convergys Corporation is a global company specializing in relationship management. The Company's encompass Customer Management which provides agent assisted services, automated self-service and technology solutions; Information Management, which provides business support system and operational support system; Human Resources Management which provides outsourcing solutions.

There is potential upside of 2.6% for shares of Convergys based on a current price of $23.89 and an average consensus analyst price target of $24.50. The stock should find initial resistance at its 200-day moving average (MA) of $24.89 and further resistance at its 50-day MA of $26.72.

In the past 52 weeks, Convergys share prices have been bracketed by a low of $20.15 and a high of $30.92 and closed yesterday at $23.89, 19% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Convergys on April 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.31. Since that recommendation, shares of Convergys have risen 9.6%. We continue to monitor CVG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Convergys

Ticker(s): CVG