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Possible Bearish Inside Day Candle Pattern Detected for Independent Bank (NASDAQ:IBTX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Independent Bank (NASDAQ:IBTX) based on the price action in the company's shares. Yesterday's price range of $60.83 and $61.46 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 Independent Bank may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Independent Bank share prices have been bracketed by a low of $44.14 and a high of $63.16 and closed yesterday at $61.10, 38% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

Independent Bank Group, Inc. operates national commercial bank. The Company offers personal and business banking services. Independent Bank operates in Texas.

Independent Bank has overhead space with shares priced $61.10, or 25.6% below the average consensus analyst price target of $82.17. Independent Bank shares have support at the 50-day moving average (MA) of $54.74 and additional support at the 200-day MA of $54.15.

SmarTrend recommended that subscribers consider buying shares of Independent Bank on October 28th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.22. Since that recommendation, shares of Independent Bank have risen 13.6%. We continue to monitor IBTX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle independent bank

Ticker(s): IBTX