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Possible Bearish Inside Day Candle Pattern Detected for Cullen/Frost (NYSE:CFR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cullen/Frost (NYSE:CFR) based on the price action in the company's shares. Yesterday's price range of $93.25 and $94.64 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 Cullen/Frost may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 24.7% for shares of Cullen/Frost based on a current price of $94.36 and an average consensus analyst price target of $117.63. The stock should run into initial resistance at its 50-day moving average (MA) of $99.41 and subsequent resistance at its 200-day MA of $100.35.

In the past 52 weeks, Cullen/Frost share prices have been bracketed by a low of $81.87 and a high of $118.89 and closed yesterday at $94.36, 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.3%.

Cullen/Frost Bankers, Inc. is the holding company for The Frost National Bank. The Bank provides commercial banking, consumer services, investment banking, international banking, trust services, correspondent banking, discount brokerage, and insurance services through a network of offices in Texas.

SmarTrend recommended that its subscribers protect gains by selling shares of Cullen/Frost on May 13th, 2019 by issuing a Downtrend alert when the shares were trading at $98.60. Since that call, shares of Cullen/Frost 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 am inside day candle cullen/frost

Ticker(s): CFR