Possible Bearish Inside Day Candle Pattern Detected for MasterCard (NYSE:MA)
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. Yesterday's price range of $96.98 and $97.63 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 MasterCard 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, MasterCard share prices have been bracketed by a low of $74.61 and a high of $101.76 and closed yesterday at $97.02, 30% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.
MasterCard (NYSE:MA) has potential upside of 15.1% based on a current price of $97.02 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, 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.
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 am inside day candle MasterCard