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Possible Bearish Inside Day Candle Pattern Detected for Franklin Res Inc (NYSE:BEN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Franklin Res Inc (NYSE:BEN) based on the price action in the company's shares. Today's price range of $18.78 and $19.02 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. Owners of Franklin Res Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Franklin Res Inc share prices have moved between a 52-week high of $35.77 and a 52-week low of $14.91 and are now trading 27% above that low price at $18.96 per share. Over the past week, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has declined 3%.

Franklin Res Inc has overhead space with shares priced $18.96, or 45.7% below the average consensus analyst price target of $34.92. The stock should find resistance at its 200-day moving average (MA) of $24.89, as well as support at its 50-day MA of $17.94.

Franklin Resources, Inc. provides investment advisory services to mutual fund, retirement, institutional, and separate accounts investors. The Company manages various asset classes including global equity, global institutional and municipal fixed income, money funds, alternative investments, and hedge funds.

SmarTrend is monitoring the recent change of momentum in Franklin Res Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Franklin Res Inc in search of a potential trend change.

Keywords: bearish inside day candle franklin res inc

Ticker(s): BEN