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Possible Bearish Inside Day Candle Pattern Detected for E*Trade Financia (NASDAQ:ETFC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in E*Trade Financia (NASDAQ:ETFC) based on the price action in the company's shares. Today's price range of $45.54 and $45.67 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 E*Trade Financia may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, E*Trade Financia share prices have been bracketed by a low of $40.41 and a high of $66.46 and are now at $45.60, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 0.6%.

There is potential upside of 49.1% for shares of E*Trade Financia based on a current price of $45.60 and an average consensus analyst price target of $68.00. The stock should find initial resistance at its 50-day moving average (MA) of $48.05 and further resistance at its 200-day MA of $48.85.

E*TRADE Financial Corporation provides online brokerage and related products and services primarily to individual retail investors. The Company's products and services include investor-focused banking, primarily sweep deposits and savings products, and asset gathering.

SmarTrend is tracking the current trend status for E*Trade Financia and will alert subscribers who have ETFC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle e*trade financia

Ticker(s): ETFC