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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Invesco Ltd (NYSE:IVZ) based on the price action in the company's shares. Yesterday's price range of $7.67 and $7.88 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 Invesco Ltd may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Invesco Ltd (NYSE:IVZ) has potential upside of 369.4% based on a current price of $7.67 and analysts' consensus price target of $36.00. The stock should run into initial resistance at its 50-day moving average (MA) of $9.74 and subsequent resistance at its 200-day MA of $15.32.

Invesco Ltd share prices have moved between a 52-week high of $21.75 and a 52-week low of $7.20 and closed yesterday at 7% above that low price at $7.67 per share. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has declined 6.7%.

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: bullish am inside day candle invesco ltd

Ticker(s): IVZ