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Possible Bullish Inside Day Candle Pattern Detected for Interactive Brokers (NASDAQ:IBKR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Interactive Brokers (NASDAQ:IBKR) based on the price action in the company's shares. Yesterday's price range of $35.08 and $35.48 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 Interactive Brokers may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Interactive Brokers share prices have been bracketed by a low of $20.35 and a high of $45.95 and closed yesterday at $35.27, 73% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 0.82% higher over the past week, respectively.

Interactive Brokers Group, Inc. is an automated global electronic market maker and broker specializing in routing orders and executing and processing trades in securities, futures, and foreign exchange instruments.

Potential upside of 32.3% exists for Interactive Brokers, based on a current level of $35.27 and analysts' average consensus price target of $46.67. The stock should run into initial resistance at its 50-day moving average (MA) of $38.37 and subsequent resistance at its 200-day MA of $39.05.

SmarTrend recommended that its subscribers protect gains by selling shares of Interactive Brokers on June 16th, 2016 by issuing a Downtrend alert when the shares were trading at $36.76. Since that call, shares of Interactive Brokers have fallen 4.8%. 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 interactive brokers

Ticker(s): IBKR