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Possible Bearish Inside Day Candle Pattern Detected for Slm Corp (NASDAQ:SLM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Slm Corp (NASDAQ:SLM) based on the price action in the company's shares. Today's price range of $11.67 and $11.80 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 Slm Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

SLM Corporation, commonly known as Sallie Mae, provides education funding, originating and servicing of U.S. government guaranteed and private student loans. The Company, through its subsidiaries, also provides debt management services and business and technical products to a range of clients including colleges, universities, and loan guarantors.

In the past 52 weeks, shares of Slm Corp have traded between a low of $9.65 and a high of $12.46 and are now at $11.68, which is 21% above that low price. The 200-day and 50-day moving averages have moved 0.09% higher and 0.30% higher over the past week, respectively.

Potential upside of 29.9% exists for Slm Corp, based on a current level of $11.68 and analysts' average consensus price target of $15.17. The stock should discover initial support at its 50-day moving average (MA) of $11.41 and subsequent support at its 200-day MA of $11.07.

SmarTrend recommended that subscribers consider buying shares of Slm Corp on November 29th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.29. Since that recommendation, shares of Slm Corp have risen 4.7%. We continue to monitor SLM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle slm corp

Ticker(s): SLM