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Possible Bearish Inside Day Candle Pattern Detected for Mb Financial (NASDAQ:MBFI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mb Financial (NASDAQ:MBFI) based on the price action in the company's shares. Yesterday's price range of $45.55 and $45.93 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 Mb Financial may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 1.4% exists for Mb Financial, based on a current level of $45.66 and analysts' average consensus price target of $46.29. The stock should hit resistance at its 200-day moving average (MA) of $45.86, as well as support at its 50-day MA of $42.49.

MB Financial, Inc. is the holding company for MB Financial Bank, N.A., a commercial bank serving middle market businesses and individuals. The Bank offers a range of products and services through branches located in Illinois.

Over the past year, Mb Financial has traded in a range of $37.13 to $51.59 and closed yesterday at $45.66, 23% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Mb Financial on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.14. Since that recommendation, shares of Mb Financial have risen 11.8%. We continue to monitor MBFI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mb financial

Ticker(s): MBFI