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Possible Bearish Inside Day Candle Pattern Detected for Royal Bank of Scotland (NYSE:RBS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Royal Bank of Scotland (NYSE:RBS) based on the price action in the company's shares. Today's price range of $5.01 and $5.09 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 Royal Bank of Scotland may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Royal Bank of Scotland has traded in a range of $3.91 to $11.63 and is now at $5.03, 29% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 1.1%.

Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and offers commercial banking services. The bank offers business term loans, commercial mortgages, professional practice loans, asset finance and invoice finance loans, residential mortgages, consumer loans, credit cards, financial planning services, and life, personal lines, and income protection insurance.

Royal Bank of Scotland (NYSE:RBS) has potential upside of 176.3% based on a current price of $5.03 and analysts' consensus price target of $13.90. The stock should run into initial resistance at its 50-day moving average (MA) of $6.59 and subsequent resistance at its 200-day MA of $8.57.

SmarTrend is tracking the current trend status for Royal Bank of Scotland and will alert subscribers who have RBS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Royal bank of Scotland

Ticker(s): RBS