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Possible Bullish Inside Day Candle Pattern Detected for E*Trade Financial (NASDAQ:ETFC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in E*Trade Financial (NASDAQ:ETFC) based on the price action in the company's shares. Yesterday's price range of $21.84 and $22.41 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 E*Trade 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.

Over the past year, E*Trade Financial has traded in a range of $19.61 to $31.48 and closed yesterday at $22.24, 13% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.8%.

E*Trade Financial has overhead space with shares priced $22.24, or 32.7% below the average consensus analyst price target of $33.06. The stock should find initial resistance at its 50-day moving average (MA) of $24.76 and further resistance at its 200-day MA of $26.49.

E*TRADE Financial Corporation provides online brokerage and related products and services primarily to individual retail investors. The Company's products and services include investor-focused banking, primarily sweep deposits and savings products, and asset gathering.

SmarTrend recommended that its subscribers protect gains by selling shares of E*Trade Financial on June 13th, 2016 by issuing a Downtrend alert when the shares were trading at $25.68. Since that call, shares of E*Trade Financial have fallen 15.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle e*trade financial

Ticker(s): ETFC