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

By Nick Russo

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 $47.98 and $48.31 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 (NYSE:EV) is currently priced 6.5% above its average consensus analyst price target of $44.93. The stock should find initial support at its 200-day moving average (MA) of $33.65 and further support at its 50-day MA of $33.02.

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.

Over the past year, Eaton Vance has traded in a range of $26.44 to $48.98 and is now at $48.07, 82% above that low. 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%.

SmarTrend recommended that subscribers consider buying shares of Eaton Vance on May 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.66. Since that recommendation, shares of Eaton Vance have risen 8.2%. We continue to monitor EV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Eaton Vance

Ticker(s): EV