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Possible Bearish Inside Day Candle Pattern Detected for Home Bancshares (NASDAQ:HOMB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Home Bancshares (NASDAQ:HOMB) based on the price action in the company's shares. Yesterday's price range of $20.80 and $20.99 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 Home Bancshares may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Home Bancshares has traded in a range of $16.94 to $23.75 and closed yesterday at $20.87, 23% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

Potential upside of 115.6% exists for Home Bancshares, based on a current level of $20.87 and analysts' average consensus price target of $45.00. Home Bancshares shares should encounter resistance at the 50-day moving average (MA) of $21.07 and support at its 200-day MA of $20.48.

Home Bancshares Inc. is a bank holding company whose subsidiaries provide a range of commercial and retail banking services to businesses, real estate developers and investors, individuals and municipalities. The Banks serve central Arkansas, and the Florida Keys and southwestern Florida.

SmarTrend is tracking the current trend status for Home Bancshares and will alert subscribers who have HOMB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle home bancshares

Ticker(s): HOMB