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Possible Bearish Inside Day Candle Pattern Detected for Raymond James (NYSE:RJF)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Raymond James (NYSE:RJF) based on the price action in the company's shares. Yesterday's price range of $82.69 and $83.05 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 Raymond James may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Raymond James share prices have moved between a 52-week high of $102.17 and a 52-week low of $69.11 and closed yesterday at 20% above that low price at $83.01 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

Raymond James Financial, Inc. provides financial services to individuals, corporations, and municipalities through its subsidiary investment firms. The Company operates throughout the United States, Canada and overseas.

Raymond James has overhead space with shares priced $83.01, or 21.0% below the average consensus analyst price target of $105.11. Raymond James shares should encounter resistance at the 200-day moving average (MA) of $84.81 and support at the 50-day MA of $81.38.

SmarTrend is tracking the current trend status for Raymond James and will alert subscribers who have RJF in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Raymond James

Ticker(s): RJF