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Possible Bearish Inside Day Candle Pattern Detected for Ss&C Technologie (NASDAQ:SSNC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ss&C Technologie (NASDAQ:SSNC) based on the price action in the company's shares. Yesterday's price range of $45.46 and $46.10 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 Ss&C Technologie may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 26.4% exists for Ss&C Technologie, based on a current level of $45.80 and analysts' average consensus price target of $57.88. The stock should find initial resistance at its 50-day moving average (MA) of $53.89 and further resistance at its 200-day MA of $54.76.

In the past 52 weeks, Ss&C Technologie share prices have been bracketed by a low of $40.96 and a high of $67.73 and closed yesterday at $45.80, 12% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.4%.

SS&C Technologies Holdings, Inc. provides software products and software-enabled services to financial services and healthcare industries in the United States, Canada, rest of the Americas, Europe, the Asia Pacific, and Japan.

SmarTrend recommended that its subscribers protect gains by selling shares of Ss&C Technologie on July 31st, 2019 by issuing a Downtrend alert when the shares were trading at $49.07. Since that call, shares of Ss&C Technologie have fallen 6.0%. 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 ss&c technologie

Ticker(s): SSNC