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Possible Bearish Inside Day Candle Pattern Detected for Equifax (NYSE:EFX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Equifax (NYSE:EFX) based on the price action in the company's shares. Today's price range of $118.84 and $120.06 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 Equifax may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $119.46, Equifax is currently 4.0% above its average consensus analyst price target of $114.67. The stock should discover initial support at its 50-day moving average (MA) of $111.32 and subsequent support at its 200-day MA of $105.64.

In the past 52 weeks, Equifax share prices have been bracketed by a low of $90.94 and a high of $122.55 and are now at $119.46, 31% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.5%.

Equifax Inc. brings buyers and sellers together through its information management, transaction processing, direct marketing, and customer relationship management businesses. The company serves the financial services, retail, credit card, telecommunications/utilities, transportation, information technology and healthcare industries and government.

SmarTrend recommended that subscribers consider buying shares of Equifax on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $102.75. Since that recommendation, shares of Equifax have risen 17.1%. We continue to monitor EFX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle equifax

Ticker(s): EFX