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Possible Bearish Inside Day Candle Pattern Detected for Eaton Vance (NYSE:EV)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eaton Vance (NYSE:EV) based on the price action in the company's shares. Today's price range of $44.58 and $44.92 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 Eaton Vance 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 0.6% exists for Eaton Vance, based on a current level of $44.67 and analysts' average consensus price target of $44.93. The stock should find initial support at its 200-day moving average (MA) of $33.65 and further support at its 50-day MA of $33.02.

Eaton Vance share prices have moved between a 52-week high of $47.83 and a 52-week low of $26.44 and are now trading 69% above that low price at $44.67 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.2%.

Eaton Vance Corp. creates, markets, and manages mutual funds. The Company also provides management and counseling services to individual and institutional clients. Eaton Vance currently provides investment advisory or administration services to individual and institutional accounts, as well as funds.

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

Keywords: bearish inside day candle Eaton Vance

Ticker(s): EV