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Possible Bearish Inside Day Candle Pattern Detected for Eagle Bancrp Inc (NASDAQ:EGBN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eagle Bancrp Inc (NASDAQ:EGBN) based on the price action in the company's shares. Yesterday's price range of $44.29 and $45.27 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 Eagle Bancrp Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Eagle Bancrp Inc share prices have been bracketed by a low of $43.33 and a high of $65.00 and closed yesterday at $44.90, 4% above that low price. The 200-day and 50-day moving averages have moved 0.32% lower and 0.11% lower over the past week, respectively.

Eagle Bancorp, Inc. is the holding company for EagleBank. The Bank provides real estate, commercial, and consumer lending, as well as traditional demand deposits and savings products to customers primarily in Montgomery County, Maryland.

Eagle Bancrp Inc (NASDAQ:EGBN) has potential upside of 58.3% based on a current price of $44.90 and analysts' consensus price target of $71.06. The stock should find initial resistance at its 50-day moving average (MA) of $46.48 and further resistance at its 200-day MA of $46.75.

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

Keywords: bearish am inside day candle eagle bancrp inc

Ticker(s): EGBN