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Possible Bullish Inside Day Candle Pattern Detected for State Street (NYSE:STT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in State Street (NYSE:STT) based on the price action in the company's shares. Today's price range of $62.45 and $62.90 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 State Street may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 22.3% exists for State Street, based on a current level of $62.55 and analysts' average consensus price target of $76.47. State Street shares should encounter resistance at the 200-day moving average (MA) of $65.43 and support at the 50-day MA of $58.89.

State Street Corporation services institutional investors and manages financial assets worldwide. The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

In the past 52 weeks, State Street share prices have been bracketed by a low of $50.73 and a high of $81.26 and are now at $62.55, 23% above that low price. The 200-day and 50-day moving averages have moved 0.57% lower and 0.72% higher over the past week, respectively.

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

Keywords: bullish inside day candle State Street

Ticker(s): STT