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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 $70.63 and $71.13 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.

In the past 52 weeks, Capital One Financial share prices have been bracketed by a low of $58.03 and a high of $92.10 and are now at $70.98, 22% 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.

Capital One Financial (NYSE:COF) has potential upside of 29.7% based on a current price of $70.98 and analysts' consensus price target of $92.07. Capital One Financial shares should encounter resistance at the 200-day moving average (MA) of $73.07 and support at the 50-day MA of $70.29.

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 subscribers consider buying shares of Capital One Financial on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.55. Since that recommendation, shares of Capital One Financial have risen 4.2%. We continue to monitor COF for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle capital one financial

Ticker(s): COF