• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for First Merchants (NASDAQ:FRME)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in First Merchants (NASDAQ:FRME) based on the price action in the company's shares. Yesterday's price range of $37.64 and $38.63 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 First Merchants may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

First Merchants Corporation is a multi-bank holding company. The Banks offer a broad range of financial services, including accepting time and transaction deposits, making commercial and consumer loans, issuing credit cards, and providing personal and corporate trust services. First Merchants operates offices in Indiana and Ohio.

There is potential upside of 29.7% for shares of First Merchants based on a current price of $37.62 and an average consensus analyst price target of $48.80. First Merchants shares should encounter resistance at the 200-day moving average (MA) of $38.31 and support at the 50-day MA of $36.25.

In the past 52 weeks, First Merchants share prices have been bracketed by a low of $32.49 and a high of $50.44 and closed yesterday at $37.62, 16% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that subscribers consider buying shares of First Merchants on June 19th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.54. Since that recommendation, shares of First Merchants have risen 5.9%. We continue to monitor FRME for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle first merchants

Ticker(s): FRME