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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Keycorp (NYSE:KEY) based on the price action in the company's shares. Yesterday's price range of $18.06 and $18.31 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 Keycorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Keycorp has traded in a range of $14.82 to $20.52 and closed yesterday at $17.66, 19% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

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.

There is potential upside of 31.0% for shares of Keycorp based on a current price of $17.66 and an average consensus analyst price target of $23.14. Keycorp shares should first meet resistance at the 200-day moving average (MA) of $18.13 and find additional resistance at the 50-day MA of $19.62.

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: bullish am inside day candle keycorp

Ticker(s): KEY