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Possible Bullish Inside Day Candle Pattern Detected for Vivo Participacoes (NYSE:VIV)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Vivo Participacoes (NYSE:VIV) based on the price action in the company's shares. Today's price range of $12.39 and $12.52 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 Vivo Participacoes may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Vivo Participacoes (NYSE:VIV) has potential upside of 22.9% based on a current price of $12.51 and analysts' consensus price target of $15.37. The stock should find initial support at its 50-day moving average (MA) of $11.67 and further support at its 200-day MA of $10.44.

Vivo Participacoes S.A. provides mobile telecommunication services, cellular phone data transmission and mobile internet services throughout Brazil.

Vivo Participacoes share prices have moved between a 52-week high of $16.33 and a 52-week low of $7.72 and are now trading 62% above that low price at $12.51 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.9% while the 200-day MA has slid 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Vivo Participacoes on September 14th, 2016 by issuing a Downtrend alert when the shares were trading at $13.84. Since that call, shares of Vivo Participacoes have fallen 8.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle vivo participacoes

Ticker(s): VIV