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Possible Bearish Inside Day Candle Pattern Detected for State St Corp (NYSE:STT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in State St Corp (NYSE:STT) based on the price action in the company's shares. Today's price range of $55.24 and $55.41 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 State St Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

State Street Corporation services institutional investors and manages financial assets worldwide. The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

State St Corp (NYSE:STT) has potential upside of 109.8% based on a current price of $55.41 and analysts' consensus price target of $116.24. The stock should find initial resistance at its 50-day moving average (MA) of $57.93 and further resistance at its 200-day MA of $67.34.

In the past 52 weeks, shares of State St Corp have traded between a low of $53.53 and a high of $95.68 and are now at $55.41, which is 4% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of State St Corp on April 24th, 2019 by issuing a Downtrend alert when the shares were trading at $66.24. Since that call, shares of State St Corp have fallen 16.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle state st corp

Ticker(s): STT