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

By Shiri Gupta

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 $62.53 and $63.20 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.

Potential upside of 20.0% exists for Pinnacle Finl, based on a current level of $62.69 and analysts' average consensus price target of $75.20. The stock should discover initial support at its 50-day moving average (MA) of $62.45 and subsequent support at its 200-day MA of $58.32.

Pinnacle Finl share prices have moved between a 52-week high of $65.00 and a 52-week low of $50.51 and closed yesterday at 24% above that low price at $62.69 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

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.

SmarTrend is tracking the current trend status for Pinnacle Finl and will alert subscribers who have PNFP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pinnacle finl

Ticker(s): PNFP