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Possible Bearish Inside Day Candle Pattern Detected for Mdc Partners-A (NASDAQ:MDCA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mdc Partners-A (NASDAQ:MDCA) based on the price action in the company's shares. Today's price range of $4.45 and $4.59 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 Mdc Partners-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 109.9% for shares of Mdc Partners-A based on a current price of $4.53 and an average consensus analyst price target of $9.50. The stock should run into initial resistance at its 200-day moving average (MA) of $20.36 and subsequent resistance at its 50-day MA of $22.17.

In the past 52 weeks, Mdc Partners-A share prices have been bracketed by a low of $2.75 and a high of $19.26 and are now at $4.53, 65% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

MDC Partners Inc. is a marketing communications firm. The Company provides advertising and specialized communication services to brands throughout the United States, Canada, and the United Kingdom.

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

Keywords: bearish inside day candle mdc partners-a

Ticker(s): MDCA