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

By Nick Russo

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. Yesterday's price range of $35.07 and $35.39 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 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.

In the past 52 weeks, Invesco share prices have been bracketed by a low of $23.01 and a high of $41.93 and closed yesterday at $35.07, 52% above that low price. 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) is currently priced 4.7% above its average consensus analyst 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 recommended that subscribers consider buying shares of Invesco on June 5th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.19. Since that recommendation, shares of Invesco have risen 6.7%. We continue to monitor IVZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle invesco

Ticker(s): IVZ