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Possible Bearish Inside Day Candle Pattern Detected for Northern Trust (NASDAQ:NTRS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Northern Trust (NASDAQ:NTRS) based on the price action in the company's shares. Yesterday's price range of $87.17 and $88.05 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 Northern Trust 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 29.7% for shares of Northern Trust based on a current price of $87.82 and an average consensus analyst price target of $113.94. The stock should run into initial resistance at its 50-day moving average (MA) of $93.65 and subsequent resistance at its 200-day MA of $94.56.

Northern Trust Corporation is a financial holding company that provides investment management, asset and fund administration, fiduciary, and banking solutions for corporations, institutions, and affluent individuals. Northern Trust banking operations are its primary operations.

Northern Trust share prices have moved between a 52-week high of $115.61 and a 52-week low of $75.96 and closed yesterday at 16% above that low price at $87.82 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Northern Trust on May 15th, 2019 by issuing a Downtrend alert when the shares were trading at $94.32. Since that call, shares of Northern Trust have fallen 5.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle Northern Trust

Ticker(s): NTRS