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Possible Bullish Inside Day Candle Pattern Detected for Comerica Inc (NYSE:CMA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Comerica Inc (NYSE:CMA) based on the price action in the company's shares. Yesterday's price range of $94.92 and $96.52 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 Comerica Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Comerica Incorporated is the holding company for business, individual, and investment banks with operations in the United States, Canada, and Mexico. The Company subsidiaries provides services such as corporate banking, international finance, treasury management, community and private banking, small business and individual lending, investment services, and institutional trust.

Over the past year, Comerica Inc has traded in a range of $64.04 to $102.66 and closed yesterday at $95.77, 50% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.4%.

Comerica Inc has overhead space with shares priced $95.77, or 7.1% below the average consensus analyst price target of $103.04. The stock should find resistance at its 50-day moving average (MA) of $96.31, as well as support at its 200-day MA of $87.76.

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

Keywords: bullish am inside day candle comerica inc

Ticker(s): CMA