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Possible Bearish Inside Day Candle Pattern Detected for Credit Suisse Group (NYSE:CS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Credit Suisse Group (NYSE:CS) based on the price action in the company's shares. Yesterday's price range of $13.61 and $13.71 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 Credit Suisse Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Credit Suisse Group has overhead space with shares priced $13.70, or 42.5% below the average consensus analyst price target of $23.82. The stock should find initial resistance at its 50-day moving average (MA) of $14.71 and further resistance at its 200-day MA of $20.95.

Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

Credit Suisse Group share prices have moved between a 52-week high of $29.99 and a 52-week low of $10.01 and closed yesterday at 37% above that low price at $13.70 per share. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of Credit Suisse Group on August 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.28. Since that recommendation, shares of Credit Suisse Group have risen 11.6%. We continue to monitor CS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle credit suisse group

Ticker(s): CS