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Possible Bullish Inside Day Candle Pattern Detected for Capital One Financial (NYSE:COF)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Capital One Financial (NYSE:COF) based on the price action in the company's shares. Today's price range of $77.01 and $77.64 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. Traders and investors interested in shares of Capital One Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 27.2% for shares of Capital One Financial based on a current price of $77.23 and an average consensus analyst price target of $98.22. The stock should discover initial support at its 200-day moving average (MA) of $73.07 and subsequent support at its 50-day MA of $70.29.

Over the past year, Capital One Financial has traded in a range of $58.03 to $96.92 and is now at $77.23, 33% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.6%.

Capital One Financial Corporation is a diversified bank. The Bank, through its subsidiaries, offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients both domestically and internationally. Capital One has bank locations in Connecticut, Louisiana, New Jersey, New York, and Texas.

SmarTrend recommended that its subscribers protect gains by selling shares of Capital One Financial on April 28th, 2017 by issuing a Downtrend alert when the shares were trading at $81.04. Since that call, shares of Capital One Financial have fallen 5.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle capital one financial

Ticker(s): COF