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Possible Bullish Inside Day Candle Pattern Detected for Waddell & Reed Financial (NYSE:WDR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Waddell & Reed Financial (NYSE:WDR) based on the price action in the company's shares. Today's price range of $16.48 and $16.84 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 Waddell & Reed Financial 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, shares of Waddell & Reed Financial have traded between a low of $16.00 and a high of $50.22 and are now at $16.57, which is 4% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has declined 1%.

Waddell & Reed Financial (NYSE:WDR) has potential upside of 131.0% based on a current price of $16.57 and analysts' consensus price target of $38.27. The stock should run into initial resistance at its 50-day moving average (MA) of $23.19 and subsequent resistance at its 200-day MA of $31.17.

Waddell & Reed Financial, Inc., through its subsidiaries, serves as investment advisor and exclusive underwriter and distributor for a family of mutual funds. The Company's funds include the Waddell & Reed Advisors Funds, W&R Funds, Inc., Ivy Funds, and the W&R Target Funds, Inc.

SmarTrend recommended that its subscribers protect gains by selling shares of Waddell & Reed Financial on March 29th, 2016 by issuing a Downtrend alert when the shares were trading at $22.50. Since that call, shares of Waddell & Reed Financial have fallen 27.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle waddell & reed financial

Ticker(s): WDR