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Possible Bullish Inside Day Candle Pattern Detected for Manulife Financial (NYSE:MFC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Manulife Financial (NYSE:MFC) based on the price action in the company's shares. Today's price range of $12.79 and $13.06 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 Manulife 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.

Manulife Financial Corporation provides financial protection products and investment management services to individuals, families, businesses, and groups. The Company conducts operations in Canada, the United States, and Japan, as well as reinsurance operations on a global basis. Manulife offers products such as annuities, pension products, life insurance, health insurance, and mutual funds.

In the past 52 weeks, Manulife Financial share prices have been bracketed by a low of $10.99 and a high of $19.61 and are now at $12.79, 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 0.5%.

There is potential upside of 51.0% for shares of Manulife Financial based on a current price of $12.79 and an average consensus analyst price target of $19.32. The stock should find initial resistance at its 50-day moving average (MA) of $14.09 and further resistance at its 200-day MA of $15.12.

SmarTrend is monitoring the recent change of momentum in Manulife Financial. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Manulife Financial in search of a potential trend change.

Keywords: bullish inside day candle Manulife Financial

Ticker(s): MFC