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Possible Bullish Inside Day Candle Pattern Detected for Moelis & Co (:MC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Moelis & Co (:MC) based on the price action in the company's shares. Yesterday's price range of $26.53 and $28.35 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 Moelis & Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Moelis & Co has overhead space with shares priced $28.26, or 31.8% below the average consensus analyst price target of $41.43. The stock should run into initial resistance at its 50-day moving average (MA) of $30.08 and subsequent resistance at its 200-day MA of $32.80.

In the past 52 weeks, shares of Moelis & Co have traded between a low of $22.11 and a high of $42.39 and closed yesterday at $28.26, which is 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 0.3%.

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

Keywords: bullish am inside day candle :mc moelis & co

Ticker(s): MC