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Possible Bullish Inside Day Candle Pattern Detected for Time Warner (NYSE:TWX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Time Warner (NYSE:TWX) based on the price action in the company's shares. Today's price range of $73.50 and $74.11 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 Time Warner may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Time Warner Inc. is a media and entertainment company. The Company's businesses include Internet services (AOL), cable, filmed entertainment, cable television networks, and publishing.

Potential upside of 15.0% exists for Time Warner, based on a current level of $73.63 and analysts' average consensus price target of $84.69. Time Warner shares have support at the 50-day moving average (MA) of $72.38 and additional support at the 200-day MA of $71.64.

In the past 52 weeks, Time Warner share prices have been bracketed by a low of $55.53 and a high of $91.34 and are now at $73.63, 33% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Time Warner on March 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.82. Since that recommendation, shares of Time Warner have risen 8.2%. We continue to monitor TWX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Time Warner

Ticker(s): TWX