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Possible Bearish Inside Day Candle Pattern Detected for Northern Trust (NASDAQ:NTRS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Northern Trust (NASDAQ:NTRS) based on the price action in the company's shares. Yesterday's price range of $106.71 and $108.12 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 Northern Trust 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 6.5% exists for Northern Trust, based on a current level of $106.99 and analysts' average consensus price target of $113.94. The stock should discover initial support at its 50-day moving average (MA) of $106.59 and subsequent support at its 200-day MA of $95.79.

Northern Trust Corporation is a financial holding company that provides investment management, asset and fund administration, fiduciary, and banking solutions for corporations, institutions, and affluent individuals. Northern Trust banking operations are its primary operations.

Northern Trust share prices have moved between a 52-week high of $110.48 and a 52-week low of $83.35 and closed yesterday at 28% above that low price at $106.99 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.5%.

SmarTrend recommended that subscribers consider buying shares of Northern Trust on October 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $93.01. Since that recommendation, shares of Northern Trust have risen 15.0%. We continue to monitor NTRS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Northern Trust

Ticker(s): NTRS