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Possible Bearish Inside Day Candle Pattern Detected for Mbia Inc (NYSE:MBI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mbia Inc (NYSE:MBI) based on the price action in the company's shares. Yesterday's price range of $7.89 and $8.19 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 Mbia Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 42.4% exists for Mbia Inc, based on a current level of $7.90 and analysts' average consensus price target of $11.25. Mbia Inc shares should encounter resistance at the 200-day moving average (MA) of $8.99 and support at the 50-day MA of $7.79.

MBIA Inc. provides financial guarantee insurance and other forms of credit protection. The Company also offers investment management services to public finance and structured finance issuers, investors, and capital market participants.

Over the past year, Mbia Inc has traded in a range of $4.93 to $10.90 and closed yesterday at $7.90, 60% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 0.2%.

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

Keywords: bearish am inside day candle MBIA Inc

Ticker(s): MBI