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Possible Bullish Inside Day Candle Pattern Detected for Invesco Ltd (NYSE:IVZ)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Invesco Ltd (NYSE:IVZ) based on the price action in the company's shares. Yesterday's price range of $17.65 and $17.68 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 Invesco Ltd may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Invesco Ltd. provides investment management services. The Company offers equity, fixed income, separate accounts, exchange traded, collective, and balance mutual funds. Invesco serves customers globally.

There is potential upside of 103.5% for shares of Invesco Ltd based on a current price of $17.69 and an average consensus analyst price target of $36.00. The stock should find initial resistance at its 50-day moving average (MA) of $17.91 and further resistance at its 200-day MA of $18.08.

Over the past year, Invesco Ltd has traded in a range of $15.15 to $22.18 and closed yesterday at $17.69, 17% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.2%.

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

Keywords: bullish am inside day candle invesco ltd

Ticker(s): IVZ