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Possible Bearish Inside Day Candle Pattern Detected for T Rowe Price (NASDAQ:TROW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in T Rowe Price (NASDAQ:TROW) based on the price action in the company's shares. Yesterday's price range of $70.98 and $71.71 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 T Rowe Price 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, T Rowe Price has traded in a range of $62.97 to $82.50 and closed yesterday at $71.53, 14% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

T Rowe Price has overhead space with shares priced $71.53, or 1.7% below the average consensus analyst price target of $72.75. The stock should run into initial resistance at its 200-day moving average (MA) of $72.32 and subsequent resistance at its 50-day MA of $73.70.

T. Rowe Price Group Inc. is a financial services holding company. The Company, through its subsidiaries, provides investment advisory services to individual and institutional investors. T. Rowe manages a broad range of U.S. and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.

SmarTrend is tracking the current trend status for T Rowe Price and will alert subscribers who have TROW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle t rowe price

Ticker(s): TROW