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Possible Bullish Inside Day Candle Pattern Detected for Thomson Reuters (NYSE:TRI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Thomson Reuters (NYSE:TRI) based on the price action in the company's shares. Yesterday's price range of $40.67 and $40.95 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 Thomson Reuters may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 4.3% for shares of Thomson Reuters based on a current price of $40.75 and an average consensus analyst price target of $42.50. The stock should discover initial support at its 50-day moving average (MA) of $39.49 and subsequent support at its 200-day MA of $39.10.

Thomson Reuters Corporation is an electronic information and solutions company that serves the global business and professional marketplace. The Company provides proprietary online systems and CD-ROM products in information sectors such as legal and regulatory, financial, scientific reference and healthcare, and corporate training.

Thomson Reuters share prices have moved between a 52-week high of $43.68 and a 52-week low of $33.96 and closed yesterday at 20% above that low price at $40.75 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

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

Keywords: bullish am inside day candle Thomson Reuters

Ticker(s): TRI