• Return to Headlines

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

By Amy Schwartz

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. Yesterday's price range of $64.47 and $66.23 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 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.

Potential upside of 42.4% exists for Capital One Financial, based on a current level of $64.64 and analysts' average consensus price target of $92.07. The stock should run into initial resistance at its 50-day moving average (MA) of $70.29 and subsequent resistance at its 200-day MA of $73.07.

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.

In the past 52 weeks, Capital One Financial share prices have been bracketed by a low of $58.49 and a high of $92.10 and closed yesterday at $64.64, 11% above that low price. The 200-day and 50-day moving averages have moved 0.55% lower and 0.56% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Capital One Financial on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $68.93. Since that call, shares of Capital One Financial have fallen 6.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle capital one financial

Ticker(s): COF