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Possible Bearish Inside Day Candle Pattern Detected for Invesco Ltd (NYSE:IVZ)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Invesco Ltd (NYSE:IVZ) based on the price action in the company's shares. Yesterday's price range of $17.41 and $17.73 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 Invesco Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Invesco Ltd have traded between a low of $15.15 and a high of $22.18 and closed yesterday at $17.56, which is 16% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Invesco Ltd (NYSE:IVZ) has potential upside of 105.0% based on a current price of $17.56 and analysts' consensus price target of $36.00. The stock should hit resistance at its 200-day moving average (MA) of $18.70, as well as support at its 50-day MA of $16.81.

Invesco Ltd. provides investment management services. The Company offers equity, fixed income, separate accounts, exchange traded, collective, and balance mutual funds. Invesco serves customers globally.

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

Keywords: bearish am inside day candle invesco ltd

Ticker(s): IVZ