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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Invesco (NYSE:IVZ) based on the price action in the company's shares. Today's price range of $32.57 and $32.80 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 Invesco may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Invesco Limited is an independent investment management group. The Group specializes in investment management services, covering equities, fixed income and alternatives like real estate, private equity and absolute return strategies.

Over the past year, Invesco has traded in a range of $23.01 to $41.93 and is now at $32.73, 42% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.0%.

Invesco (NYSE:IVZ) has potential upside of 2.1% based on a current price of $32.73 and analysts' consensus price target of $33.42. The stock should find initial support at its 200-day moving average (MA) of $31.92 and further support at its 50-day MA of $30.25.

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

Keywords: bearish inside day candle invesco

Ticker(s): IVZ