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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Franklin Resources (NYSE:BEN) based on the price action in the company's shares. Yesterday's price range of $43.96 and $44.46 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 Resources may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Franklin Resources (NYSE:BEN) is currently priced 11.0% above its average consensus analyst price target of $39.27. The stock should discover initial support at its 200-day moving average (MA) of $38.57 and subsequent support at its 50-day MA of $38.32.

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

Franklin Resources share prices have moved between a 52-week high of $52.65 and a 52-week low of $30.56 and closed yesterday at 44% above that low price at $44.13 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Franklin Resources on November 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.97. Since that recommendation, shares of Franklin Resources have risen 19.4%. We continue to monitor BEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle franklin resources

Ticker(s): BEN