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Possible Bullish Inside Day Candle Pattern Detected for State St Corp (NYSE:STT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in State St Corp (NYSE:STT) based on the price action in the company's shares. Yesterday's price range of $70.95 and $71.68 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 State St Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

State Street Corporation services institutional investors and manages financial assets worldwide. The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

In the past 52 weeks, State St Corp share prices have been bracketed by a low of $48.62 and a high of $85.89 and closed yesterday at $70.14, 44% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.6%.

There is potential upside of 65.7% for shares of State St Corp based on a current price of $70.14 and an average consensus analyst price target of $116.24. The stock should hit resistance at its 50-day moving average (MA) of $79.00, as well as support at its 200-day MA of $64.97.

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

Keywords: bullish am inside day candle state st corp

Ticker(s): STT