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Possible Bearish Inside Day Candle Pattern Detected for Keycorp (NYSE:KEY)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Keycorp (NYSE:KEY) based on the price action in the company's shares. Today's price range of $19.83 and $19.94 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 Keycorp 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 Keycorp have traded between a low of $14.82 and a high of $20.52 and are now at $19.84, which is 34% above that low price. The 200-day and 50-day moving averages have moved 0.17% higher and 0.13% higher over the past week, respectively.

Potential upside of 16.6% exists for Keycorp, based on a current level of $19.84 and analysts' average consensus price target of $23.14. The stock should discover initial support at its 50-day moving average (MA) of $19.72 and subsequent support at its 200-day MA of $18.10.

KeyCorp is a financial services holding company. The Company provides a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate, and institutional clients.

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

Keywords: bearish inside day candle keycorp

Ticker(s): KEY