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

By Shiri Gupta

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. Yesterday's price range of $36.60 and $37.94 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 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.

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.

Potential upside of 53.7% exists for MetLife, based on a current level of $37.70 and analysts' average 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 share prices have moved between a 52-week high of $58.23 and a 52-week low of $35.00 and closed yesterday at 8% above that low price at $37.70 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.0%.

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 am inside day candle MetLife

Ticker(s): MET