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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in M&T Bank (NYSE:MTB) based on the price action in the company's shares. Today's price range of $116.68 and $117.87 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 M&T 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, shares of M&T Bank have traded between a low of $100.07 and a high of $134.00 and are now at $116.89, which is 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 0.3%.

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.

M&T Bank has overhead space with shares priced $116.89, or 9.6% below the average consensus analyst price target of $129.33. The stock should find resistance at its 200-day moving average (MA) of $117.60, as well as support at its 50-day MA of $112.51.

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

Keywords: bearish inside day candle m&t bank

Ticker(s): MTB