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Possible Bullish Inside Day Candle Pattern Detected for MetLife (NYSE:MET)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in MetLife (NYSE:MET) based on the price action in the company's shares. Today's price range of $36.63 and $37.52 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 MetLife 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, MetLife share prices have been bracketed by a low of $35.00 and a high of $58.23 and are now at $36.89, 5% above that low price. The 200-day and 50-day moving averages have moved 0.56% lower and 1.02% higher over the past week, respectively.

MetLife (NYSE:MET) has potential upside of 57.0% based on a current price of $36.89 and analysts' consensus price target of $57.93. The stock should run into initial resistance at its 50-day moving average (MA) of $43.69 and subsequent resistance at its 200-day MA of $46.98.

MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

SmarTrend recommended that its subscribers protect gains by selling shares of MetLife on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $44.03. Since that call, shares of MetLife have fallen 17.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle MetLife

Ticker(s): MET