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Possible Bullish Inside Day Candle Pattern Detected for Envestnet Inc (NYSE:ENV)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Envestnet Inc (NYSE:ENV) based on the price action in the company's shares. Yesterday's price range of $70.00 and $70.93 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. Traders and investors interested in shares of Envestnet Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Envestnet, Inc. develops, and markets computer software for financial advisors. The Company develops Internet-based software that includes risk assessment, investment strategy selection, asset allocation, research and due diligence, portfolio construction, proposal generation, paperwork preparation, model management, account rebalancing, account monitoring, and other features.

Envestnet Inc (NYSE:ENV) is currently priced 9.4% above its average consensus analyst price target of $63.67. The stock should discover initial support at its 200-day moving average (MA) of $65.19 and subsequent support at its 50-day MA of $64.31.

In the past 52 weeks, Envestnet Inc share prices have been bracketed by a low of $46.57 and a high of $73.94 and closed yesterday at $70.25, 51% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Envestnet Inc on October 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $59.99. Since that recommendation, shares of Envestnet Inc have risen 16.6%. We continue to monitor ENV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle envestnet inc

Ticker(s): ENV