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

By Nick Russo

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 $51.16 and $51.94 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.

In the past 52 weeks, State Street share prices have been bracketed by a low of $50.60 and a high of $81.26 and are now at $51.20, 1% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.7%.

Potential upside of 49.4% exists for State Street, based on a current level of $51.20 and analysts' average consensus price target of $76.47. The stock should find initial resistance at its 50-day moving average (MA) of $58.89 and further resistance at its 200-day MA of $65.43.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of State Street on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $59.34. Since that call, shares of State Street have fallen 14.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle State Street

Ticker(s): STT