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

By Shiri Gupta

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. Today's price range of $25.57 and $25.84 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 Home Bancshares may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Home Bancshares (NASDAQ:HOMB) has potential upside of 11.1% based on a current price of $25.66 and analysts' consensus price target of $28.50. The stock should find initial support at its 50-day moving average (MA) of $21.07 and further support at its 200-day MA of $20.48.

Home Bancshares share prices have moved between a 52-week high of $29.69 and a 52-week low of $16.94 and are now trading 51% above that low price at $25.66 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

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 inside day candle home bancshares

Ticker(s): HOMB