Possible Bullish Inside Day Candle Pattern Detected for Capital One Financial (NYSE:COF)
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 $64.47 and $66.23 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.
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.
Over the past year, Capital One Financial has traded in a range of $58.49 to $92.10 and is now at $65.57, 12% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.6%.
Capital One Financial has overhead space with shares priced $65.57, or 28.8% below the average consensus analyst price target of $92.07. Capital One Financial shares should first meet resistance at the 50-day moving average (MA) of $70.29 and find additional resistance at the 200-day MA of $73.07.
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 inside day candle capital one financial