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Possible Bearish Inside Day Candle Pattern Detected for MasterCard (NYSE:MA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in MasterCard (NYSE:MA) based on the price action in the company's shares. Today's price range of $97.21 and $97.63 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 MasterCard may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

MasterCard (NYSE:MA) has potential upside of 14.7% based on a current price of $97.31 and analysts' consensus price target of $111.63. The stock should find initial support at its 200-day moving average (MA) of $93.74 and further support at its 50-day MA of $93.13.

MasterCard share prices have moved between a 52-week high of $101.76 and a 52-week low of $74.61 and are now trading 30% above that low price at $97.31 per share. The 200-day and 50-day moving averages have moved 0% lower and 0.85% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of MasterCard on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $88.93. Since that recommendation, shares of MasterCard have risen 10.2%. We continue to monitor MA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle MasterCard

Ticker(s): MA