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Possible Bullish Inside Day Candle Pattern Detected for Marketaxess (NASDAQ:MKTX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Marketaxess (NASDAQ:MKTX) based on the price action in the company's shares. Yesterday's price range of $372.54 and $372.54 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 Marketaxess may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Marketaxess (NASDAQ:MKTX) defies analysts with a current price ($375.24) 44.9% above its average consensus price target of $206.75. The stock should find resistance at its 50-day moving average (MA) of $375.40, as well as support at its 200-day MA of $336.62.

MarketAxess Holdings, Inc. operates an electronic, multi-dealer to client platform for U.S. and European high-grade corporate and emerging markets bond trading. The Company develops technology delivers price discovery and trade execution services to institutional and broker-dealer clients.

Marketaxess share prices have moved between a 52-week high of $407.30 and a 52-week low of $145.10 and closed yesterday at 159% above that low price at $375.24 per share. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.4%.

SmarTrend is tracking the current trend status for Marketaxess and will alert subscribers who have MKTX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle marketaxess

Ticker(s): MKTX