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Possible Bearish Inside Day Candle Pattern Detected for M&T Bank Corp (NYSE:MTB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in M&T Bank Corp (NYSE:MTB) based on the price action in the company's shares. Yesterday's price range of $169.03 and $170.49 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 M&T Bank Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 12.6% for shares of M&T Bank Corp based on a current price of $169.78 and an average consensus analyst price target of $191.14. The stock should find initial support at its 50-day moving average (MA) of $168.20 and further support at its 200-day MA of $162.32.

In the past 52 weeks, M&T Bank Corp share prices have been bracketed by a low of $141.50 and a high of $176.11 and closed yesterday at $169.78, 20% above that low price. The 200-day and 50-day moving averages have moved 0.01% higher and 0.30% higher over the past week, respectively.

M&T Bank Corporation is a bank holding company. The Company, through its banking subsidiaries, offer a variety of commercial banking, trust, and investment services to their customers. M&T Bank operates branch offices in New York, Maryland, Pennsylvania, Delaware, New Jersey, Virginia, West Virginia, and the District of Columbia.

SmarTrend is monitoring the recent change of momentum in M&T Bank Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of M&T Bank Corp in search of a potential trend change.

Keywords: bearish am inside day candle m&t bank corp

Ticker(s): MTB