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

By Nick Russo

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 $43.25 and $43.55 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.

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 $49.88 and is now at $43.41, 45% above that low. The 200-day and 50-day moving averages have moved 0.37% lower and 0.52% higher over the past week, respectively.

Potential upside of 11.9% exists for BB&T, based on a current level of $43.41 and analysts' average consensus price target of $48.56. The stock should discover initial support at its 200-day moving average (MA) of $35.95 and subsequent support at its 50-day MA of $34.09.

SmarTrend recommended that its subscribers protect gains by selling shares of BB&T on March 21st, 2017 by issuing a Downtrend alert when the shares were trading at $45.24. Since that call, shares of BB&T have fallen 3.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle BB&T

Ticker(s): BBT