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Possible Bearish Inside Day Candle Pattern Detected for Invesco Ltd (NYSE:IVZ)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Invesco Ltd (NYSE:IVZ) based on the price action in the company's shares. Yesterday's price range of $28.30 and $28.53 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 Invesco Ltd 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, Invesco Ltd share prices have been bracketed by a low of $23.02 and a high of $38.43 and closed yesterday at $28.41, 23% above that low price. The 200-day and 50-day moving averages have moved 0.52% lower and 0.96% higher over the past week, respectively.

Invesco Ltd. provides investment management services. The Company offers equity, fixed income, separate accounts, exchange traded, collective, and balance mutual funds. Invesco serves customers globally.

Potential upside of 45.3% exists for Invesco Ltd, based on a current level of $28.41 and analysts' average consensus price target of $41.27. The stock should run into initial resistance at its 50-day moving average (MA) of $30.25 and subsequent resistance at its 200-day MA of $31.92.

SmarTrend recommended that its subscribers protect gains by selling shares of Invesco Ltd on March 20th, 2018 by issuing a Downtrend alert when the shares were trading at $32.63. Since that call, shares of Invesco Ltd have fallen 12.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle invesco ltd

Ticker(s): IVZ