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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. Yesterday's price range of $27.55 and $27.94 is within the prior day'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 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.

Franklin Res Inc share prices have moved between a 52-week high of $35.82 and a 52-week low of $25.57 and closed yesterday at 8% above that low price at $27.72 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

Franklin Res Inc has overhead space with shares priced $27.72, or 20.6% below the average consensus analyst price target of $34.92. Franklin Res Inc shares should first meet resistance at the 50-day moving average (MA) of $27.86 and find additional resistance at the 200-day MA of $31.35.

SmarTrend is tracking the current trend status for Franklin Res Inc and will alert subscribers who have BEN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle franklin res inc

Ticker(s): BEN