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Possible Bullish Inside Day Candle Pattern Detected for AllianceBernstein (NYSE:AB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in AllianceBernstein (NYSE:AB) based on the price action in the company's shares. Yesterday's price range of $22.32 and $22.64 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. Traders and investors interested in shares of AllianceBernstein may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

AllianceBernstein (NYSE:AB) has potential upside of 27.5% based on a current price of $22.52 and analysts' consensus price target of $28.71. The stock should find initial resistance at its 50-day moving average (MA) of $22.81 and further resistance at its 200-day MA of $23.99.

AllianceBernstein share prices have moved between a 52-week high of $32.74 and a 52-week low of $16.11 and closed yesterday at 40% above that low price at $22.52 per share. The 200-day and 50-day moving averages have moved 0.45% lower and 1.51% higher over the past week, respectively.

AllianceBernstein Holding LP is an investment management firm. The Company provides investment management services to U.S. public and private employee benefit plans, foundations, public employee retirement funds, pension funds, endowments, banks, insurance companies and high-net-worth individuals worldwide.

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

Keywords: bullish am inside day candle alliancebernstein

Ticker(s): AB