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Possible Bearish Inside Day Candle Pattern Detected for Pinnacle Finl (NASDAQ:PNFP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pinnacle Finl (NASDAQ:PNFP) based on the price action in the company's shares. Yesterday's price range of $58.62 and $59.32 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 Pinnacle Finl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pinnacle Financial Partners, Inc. is a holding company for Pinnacle National Bank. The Bank operates as a community bank emphasizing personal banking relationships with individuals and businesses located in its primary service area, which is comprised of the metropolitan Nashville, Tennessee area and surrounding counties.

Over the past year, Pinnacle Finl has traded in a range of $43.23 to $68.85 and closed yesterday at $58.68, 36% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

There is potential upside of 28.2% for shares of Pinnacle Finl based on a current price of $58.68 and an average consensus analyst price target of $75.20. The stock should hit resistance at its 200-day moving average (MA) of $58.86, as well as support at its 50-day MA of $51.86.

SmarTrend recommended that subscribers consider buying shares of Pinnacle Finl on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $48.06. Since that recommendation, shares of Pinnacle Finl have risen 23.9%. We continue to monitor PNFP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle pinnacle finl

Ticker(s): PNFP