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Possible Bearish Inside Day Candle Pattern Detected for Interpublic Grp (NYSE:IPG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Interpublic Grp (NYSE:IPG) based on the price action in the company's shares. Yesterday's price range of $17.31 and $17.69 is within the prior day'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 Interpublic Grp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Interpublic Group of Companies, Inc. is an organization of advertising agencies and marketing service companies. The Company operates globally in the sectors of advertising, independent media buying, direct marketing, healthcare communications, interactive consulting services, marketing research, promotions, experiential and sport marketing, and public relations.

Interpublic Grp share prices have moved between a 52-week high of $25.20 and a 52-week low of $11.63 and closed yesterday at 46% above that low price at $16.98 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.6% while the 200-day MA has slid 0.6%.

Interpublic Grp (NYSE:IPG) has potential upside of 48.6% based on a current price of $16.98 and analysts' consensus price target of $25.23. The stock should run into initial resistance at its 50-day moving average (MA) of $17.11 and subsequent resistance at its 200-day MA of $20.81.

SmarTrend is tracking the current trend status for Interpublic Grp and will alert subscribers who have IPG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle interpublic grp

Ticker(s): IPG