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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 $13.54 and $13.64 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.

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 $13.59, which is 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 0.5%.

There is potential upside of 42.1% for shares of Manulife Financial based on a current price of $13.59 and an average consensus analyst price target of $19.32. Manulife Financial shares should first meet resistance at the 50-day moving average (MA) of $14.09 and find additional resistance at the 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.

SmarTrend is monitoring the recent change of momentum in Manulife Financial. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Manulife Financial in search of a potential trend change.

Keywords: bearish inside day candle Manulife Financial

Ticker(s): MFC