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Possible Bearish Inside Day Candle Pattern Detected for Iberiabank Corp (NASDAQ:IBKC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Iberiabank Corp (NASDAQ:IBKC) based on the price action in the company's shares. Yesterday's price range of $78.27 and $78.69 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 Iberiabank Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

IBERIABANK Corporation is the holding company for IBERIABANK, a commercial bank conducting business from a network of offices located throughout Louisiana. The Bank attracts deposits from the general public and uses those funds to originate consumer and commercial loans. IBERIABANK also offers discount brokerage services through a wholly owned subsidiary.

Iberiabank Corp share prices have moved between a 52-week high of $87.55 and a 52-week low of $60.82 and closed yesterday at 29% above that low price at $78.59 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

There is potential upside of 14.6% for shares of Iberiabank Corp based on a current price of $78.59 and an average consensus analyst price target of $90.10. The stock should discover initial support at its 200-day moving average (MA) of $77.77 and subsequent support at its 50-day MA of $71.41.

SmarTrend recommended that subscribers consider buying shares of Iberiabank Corp on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.99. Since that recommendation, shares of Iberiabank Corp have risen 16.1%. We continue to monitor IBKC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle iberiabank corp

Ticker(s): IBKC