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Possible Bearish Inside Day Candle Pattern Detected for People'S United (:PBCT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in People'S United (:PBCT) based on the price action in the company's shares. Yesterday's price range of $16.13 and $16.32 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 People'S United 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, People'S United share prices have been bracketed by a low of $13.81 and a high of $18.03 and closed yesterday at $16.29, 18% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

People'S United has overhead space with shares priced $16.29, or 18.3% below the average consensus analyst price target of $19.94. The stock should find resistance at its 50-day moving average (MA) of $16.34, as well as support at its 200-day MA of $16.09.

People's United Financial, Inc. is a savings and loan holding company. The Company provides commercial, retail, and business banking, and wealth management services to individual, corporate, and municipal customers.

SmarTrend is tracking the current trend status for People'S United and will alert subscribers who have PBCT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle :pbct people's united

Ticker(s): PBCT