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

By Shiri Gupta

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 $10.24 and $10.50 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.

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.

In the past 52 weeks, shares of Keycorp have traded between a low of $7.45 and a high of $20.52 and closed yesterday at $10.63, which is 43% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 5.3% while the 200-day MA has slid 0.9%.

Potential upside of 117.7% exists for Keycorp, based on a current level of $10.63 and analysts' average consensus price target of $23.14. Keycorp shares should first meet resistance at the 50-day moving average (MA) of $13.07 and find additional resistance at the 200-day MA of $17.03.

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