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

By Shiri Gupta

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 $40.16 and $40.48 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.

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.

There is potential upside of 3.4% for shares of E*Trade Financia based on a current price of $40.33 and an average consensus analyst price target of $41.69. The stock should find initial support at its 200-day moving average (MA) of $26.49 and further support at its 50-day MA of $24.76.

In the past 52 weeks, E*Trade Financia share prices have been bracketed by a low of $21.52 and a high of $42.19 and are now at $40.33, 87% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 0.84% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of E*Trade Financia on May 4th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.14. Since that recommendation, shares of E*Trade Financia have risen 12.5%. We continue to monitor ETFC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle e*trade financia

Ticker(s): ETFC