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Possible Bearish Inside Day Candle Pattern Detected for Manulife Financial (NYSE:MFC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Manulife Financial (NYSE:MFC) based on the price action in the company's shares. Today's price range of $13.29 and $13.41 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 Manulife Financial may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Manulife Financial has overhead space with shares priced $13.30, or 31.1% below the average consensus analyst price target of $19.32. The stock should find initial resistance at its 50-day moving average (MA) of $14.09 and further resistance at its 200-day MA of $15.12.

Manulife Financial Corporation provides financial protection products and investment management services to individuals, families, businesses, and groups. The Company conducts operations in Canada, the United States, and Japan, as well as reinsurance operations on a global basis. Manulife offers products such as annuities, pension products, life insurance, health insurance, and mutual funds.

In the past 52 weeks, shares of Manulife Financial have traded between a low of $10.99 and a high of $19.61 and are now at $13.30, which is 21% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.9%.

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

Keywords: bearish inside day candle Manulife Financial

Ticker(s): MFC