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Possible Bearish Inside Day Candle Pattern Detected for Glacier Bancorp (NASDAQ:GBCI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Glacier Bancorp (NASDAQ:GBCI) based on the price action in the company's shares. Yesterday's price range of $44.44 and $44.81 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 Glacier Bancorp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Glacier Bancorp, Inc. is a multi-bank holding company. The Banks attract deposits from the general public and use those funds to originate a variety of commercial and consumer loans.

Glacier Bancorp (NASDAQ:GBCI) defies analysts with a current price ($44.88) 10.0% above its average consensus price target of $40.40. The stock should discover initial support at its 200-day moving average (MA) of $42.43 and subsequent support at its 50-day MA of $41.90.

In the past 52 weeks, Glacier Bancorp share prices have been bracketed by a low of $35.77 and a high of $47.67 and closed yesterday at $44.88, 25% above that low price. The 200-day and 50-day moving averages have moved 0.25% higher and 0.01% lower over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Glacier Bancorp on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.77. Since that recommendation, shares of Glacier Bancorp have risen 10.2%. We continue to monitor GBCI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle glacier bancorp

Ticker(s): GBCI