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Possible Bullish Inside Day Candle Pattern Detected for CME Group (NYSE:CME)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CME Group (NYSE:CME) based on the price action in the company's shares. Today's price range of $94.10 and $94.75 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 CME Group 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 7.6% for shares of CME Group based on a current price of $94.37 and an average consensus analyst price target of $101.50. The stock should find initial support at its 50-day moving average (MA) of $93.75 and further support at its 200-day MA of $93.08.

CME Group Inc. operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange and commodities. The Exchange brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears.

In the past 52 weeks, shares of CME Group have traded between a low of $81.87 and a high of $100.87 and are now at $94.37, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

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

Keywords: bullish inside day candle CME Group

Ticker(s): CME