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Possible Bearish Inside Day Candle Pattern Detected for First Niagara Financial Group (NASDAQ:FNFG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in First Niagara Financial Group (NASDAQ:FNFG) based on the price action in the company's shares. Today's price range of $10.56 and $10.68 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 First Niagara Financial Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

First Niagara Financial Group (NASDAQ:FNFG) has potential upside of 1.1% based on a current price of $10.58 and analysts' consensus price target of $10.70. First Niagara Financial Group shares have support at the 200-day moving average (MA) of $9.96 and additional support at the 50-day MA of $9.71.

First Niagara Financial Group, Inc. is a bank holding company. The Banks provide an array of deposit products and loans, as well as insurance, leasing, investment advisory services, insurance agency services, and trust services.

First Niagara Financial Group share prices have moved between a 52-week high of $11.22 and a 52-week low of $8.54 and are now trading 24% above that low price at $10.58 per share. The 200-day and 50-day moving averages have moved 0.26% higher and 1.14% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of First Niagara Financial Group on March 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.01. Since that recommendation, shares of First Niagara Financial Group have risen 6.9%. We continue to monitor FNFG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle first niagara financial group

Ticker(s): FNFG