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Possible Bullish Inside Day Candle Pattern Detected for Vodafone Group (NYSE:VOD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Vodafone Group (NYSE:VOD) based on the price action in the company's shares. Today's price range of $27.51 and $27.65 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 Vodafone Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Vodafone Group Plc provides a range of mobile telecommunications services, including voice and data communications. Vodafone has equity interests in 28 countries and Partner Networks in a further 7 countries with almost all the Group's mobile subsidiaries operating principally under the brand name Vodafone. In the United States their associated undertaking operates as Verizon Wireless.

Vodafone Group (NYSE:VOD) has potential upside of 35.9% based on a current price of $27.60 and analysts' consensus price target of $37.50. Vodafone Group shares should first meet resistance at the 50-day moving average (MA) of $31.95 and find additional resistance at the 200-day MA of $32.85.

In the past 52 weeks, shares of Vodafone Group have traded between a low of $27.40 and a high of $39.46 and are now at $27.60, which is 1% above that low price. The 200-day and 50-day moving averages have moved 0.27% lower and 0.56% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Vodafone Group on September 14th, 2016 by issuing a Downtrend alert when the shares were trading at $29.42. Since that call, shares of Vodafone Group have fallen 6.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle vodafone group

Ticker(s): VOD