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Possible Bearish Inside Day Candle Pattern Detected for Brookline Bancrp (NASDAQ:BRKL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Brookline Bancrp (NASDAQ:BRKL) based on the price action in the company's shares. Yesterday's price range of $14.68 and $14.83 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. Owners of Brookline Bancrp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Brookline Bancorp, Inc. is the holding company for Brookline Bank. The Bank is a full-service financial institution providing individuals and small to mid-sized businesses with personal deposit and lending services, residential mortgages and home equity credit, C & I lending, commercial real estate lending, cash management, payroll and merchant services, and access to investment services.

Potential upside of 24.8% exists for Brookline Bancrp, based on a current level of $14.74 and analysts' average consensus price target of $18.40. Brookline Bancrp shares should first meet resistance at the 50-day moving average (MA) of $14.94 and find additional resistance at the 200-day MA of $15.43.

Over the past year, Brookline Bancrp has traded in a range of $12.84 to $19.35 and closed yesterday at $14.74, 15% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.3%.

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

Keywords: bearish am inside day candle brookline bancrp

Ticker(s): BRKL