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

By Shiri Gupta

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 $30.53 and $30.75 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.

Convergys (NYSE:CVG) defies analysts with a current price ($30.67) 11.3% above its average consensus price target of $27.20. The stock should find initial support at its 50-day moving average (MA) of $26.72 and further support at its 200-day MA of $24.89.

Convergys share prices have moved between a 52-week high of $30.92 and a 52-week low of $20.57 and closed yesterday at 49% above that low price at $30.67 per share. 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 July 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.47. Since that recommendation, shares of Convergys have risen 16.3%. 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