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Possible Bearish Inside Day Candle Pattern Detected for Marketaxess (NASDAQ:MKTX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marketaxess (NASDAQ:MKTX) based on the price action in the company's shares. Yesterday's price range of $235.95 and $235.95 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 Marketaxess may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Marketaxess share prices have moved between a 52-week high of $246.14 and a 52-week low of $172.09 and closed yesterday at 37% above that low price at $235.62 per share. The 200-day and 50-day moving averages have moved 0.16% higher and 0.68% higher over the past week, respectively.

Marketaxess (NASDAQ:MKTX) is currently priced 12.3% above its average consensus analyst price target of $206.75. Marketaxess shares have support at the 50-day moving average (MA) of $224.99 and additional support at the 200-day MA of $207.30.

MarketAxess Holdings, Inc. operates an electronic, multi-dealer to client platform for U.S. and European high-grade corporate and emerging markets bond trading. The Company's technology delivers price discovery and trade execution services to institutional and broker-dealer clients.

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

Keywords: bearish am inside day candle marketaxess

Ticker(s): MKTX