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Possible Bullish Inside Day Candle Pattern Detected for MasterCard (NYSE:MA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in MasterCard (NYSE:MA) based on the price action in the company's shares. Yesterday's price range of $96.54 and $97.32 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 MasterCard may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

In the past 52 weeks, shares of MasterCard have traded between a low of $74.61 and a high of $101.76 and closed yesterday at $96.98, which is 30% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.

Potential upside of 15.1% exists for MasterCard, based on a current level of $96.98 and analysts' average consensus price target of $111.63. The stock should discover initial support at its 200-day moving average (MA) of $93.67 and subsequent support at its 50-day MA of $91.13.

SmarTrend recommended that subscribers consider buying shares of MasterCard on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $88.93. Since that recommendation, shares of MasterCard have risen 9.6%. We continue to monitor MA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle MasterCard

Ticker(s): MA