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Possible Bearish Inside Day Candle Pattern Detected for Chemical Fin (NASDAQ:CHFC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chemical Fin (NASDAQ:CHFC) based on the price action in the company's shares. Today's price range of $44.03 and $44.07 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 Chemical Fin 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 39.4% exists for Chemical Fin, based on a current level of $44.07 and analysts' average consensus price target of $61.44. The stock should find resistance at its 200-day moving average (MA) of $50.07, as well as support at its 50-day MA of $43.74.

Over the past year, Chemical Fin has traded in a range of $34.62 to $59.46 and is now at $44.07, 27% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.3%.

Chemical Financial Corporation is a multi-bank holding company. The Banks offer a full range of commercial banking and fiduciary services, including accepting deposits, business and personal checking accounts, commercial lending, and consumer financing. Chemical Financial operates in the lower peninsula of Michigan.

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

Keywords: bearish inside day candle chemical fin

Ticker(s): CHFC