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Possible Bullish Inside Day Candle Pattern Detected for Interpublic Grp (NYSE:IPG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Interpublic Grp (NYSE:IPG) based on the price action in the company's shares. Yesterday's price range of $23.59 and $24.04 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 Interpublic Grp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Interpublic Grp has overhead space with shares priced $23.66, or 6.2% below the average consensus analyst price target of $25.23. The stock should find initial support at its 50-day moving average (MA) of $23.25 and further support at its 200-day MA of $23.17.

In the past 52 weeks, shares of Interpublic Grp have traded between a low of $18.51 and a high of $26.01 and closed yesterday at $23.66, which is 28% above that low price. The 200-day and 50-day moving averages have moved 0.07% lower and 0.29% higher over the past week, respectively.

The Interpublic Group of Companies, Inc. is an organization of advertising agencies and marketing service companies. The Company operates globally in the sectors of advertising, independent media buying, direct marketing, healthcare communications, interactive consulting services, marketing research, promotions, experiential and sport marketing, and public relations.

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

Keywords: bullish am inside day candle interpublic grp

Ticker(s): IPG