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Possible Bearish Inside Day Candle Pattern Detected for Time Warner Inc (NYSE:TWX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Time Warner Inc (NYSE:TWX) based on the price action in the company's shares. Today's price range of $98.39 and $98.88 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 Time Warner Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 5.6% for shares of Time Warner Inc based on a current price of $98.76 and an average consensus analyst price target of $104.31. The stock should discover initial support at its 200-day moving average (MA) of $95.37 and subsequent support at its 50-day MA of $94.85.

Time Warner Inc. is a media and entertainment company. The Company's businesses include cable television networks that provide programming, feature films, television and home video production and distribution, and magazine publishing.

Over the past year, Time Warner Inc has traded in a range of $85.88 to $103.90 and is now at $98.76, 15% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Time Warner Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Time Warner Inc in search of a potential trend change.

Keywords: bearish inside day candle time warner inc

Ticker(s): TWX