• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Franklin Res Inc (NYSE:BEN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Franklin Res Inc (NYSE:BEN) based on the price action in the company's shares. Today's price range of $26.49 and $26.79 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 Franklin Res Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Franklin Res Inc (NYSE:BEN) has potential upside of 31.5% based on a current price of $26.55 and analysts' consensus price target of $34.92. The stock should find initial resistance at its 50-day moving average (MA) of $27.43 and further resistance at its 200-day MA of $31.04.

Over the past year, Franklin Res Inc has traded in a range of $25.57 to $35.82 and is now at $26.55, 4% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 0.4%.

Franklin Resources, Inc. provides investment advisory services to mutual fund, retirement, institutional, and separate accounts investors. The Company manages various asset classes including global equity, global institutional and municipal fixed income, money funds, alternative investments, and hedge funds.

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

Keywords: bearish inside day candle franklin res inc

Ticker(s): BEN