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Possible Bearish Inside Day Candle Pattern Detected for BB&T (NYSE:BBT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in BB&T (NYSE:BBT) based on the price action in the company's shares. Today's price range of $35.97 and $36.34 is within yesterday'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. Owners of BB&T may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 16.3% exists for BB&T, based on a current level of $36.07 and analysts' average consensus price target of $41.96. BB&T shares have support at the 200-day moving average (MA) of $35.95 and additional support at the 50-day MA of $34.09.

BB&T Corporation operates banking offices in the Carolinas, Georgia, Virginia, Maryland, West Virginia, Kentucky, Alabama, Indiana, Washington D.C., Florida and Tennessee. The Company and its subsidiaries offer full-service commercial and retail banking, as well as insurance, retail brokerage, corporate finance, international banking, leasing, and trust services.

Over the past year, BB&T has traded in a range of $29.95 to $41.90 and is now at $36.07, 20% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.5%.

SmarTrend is monitoring the recent change of momentum in BB&T. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of BB&T in search of a potential trend change.

Keywords: bearish inside day candle BB&T

Ticker(s): BBT