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Possible Bullish Inside Day Candle Pattern Detected for Eaton Vance (NYSE:EV)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Eaton Vance (NYSE:EV) based on the price action in the company's shares. Today's price range of $33.18 and $33.69 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 Eaton Vance may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Eaton Vance Corp. creates, markets, and manages mutual funds. The Company also provides management and counseling services to individual and institutional clients. Eaton Vance currently provides investment advisory or administration services to individual and institutional accounts, as well as funds.

Eaton Vance share prices have moved between a 52-week high of $43.00 and a 52-week low of $26.44 and are now trading 27% above that low price at $33.49 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.3%.

Potential upside of 9.6% exists for Eaton Vance, based on a current level of $33.49 and analysts' average consensus price target of $36.70. The stock should find resistance at its 200-day moving average (MA) of $33.65, as well as support at its 50-day MA of $33.02.

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

Keywords: bullish inside day candle Eaton Vance

Ticker(s): EV