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Possible Bearish Inside Day Candle Pattern Detected for Renasant Corp (NASDAQ:RNST)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Renasant Corp (NASDAQ:RNST) based on the price action in the company's shares. Yesterday's price range of $34.60 and $35.17 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 Renasant Corp 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 Renasant Corp have traded between a low of $28.02 and a high of $49.78 and closed yesterday at $35.09, which is 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.5%.

Renasant Corp (NASDAQ:RNST) has potential upside of 40.0% based on a current price of $35.09 and analysts' consensus price target of $49.14. The stock should find initial resistance at its 50-day moving average (MA) of $36.03 and further resistance at its 200-day MA of $38.20.

Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. The Company operates banking and insurance offices in Mississippi, Tennessee, and Alabama, all located in the United States. Renasant provides a range of deposit products, loans, and other services, as well as life, health and disability, and long-term care insurance.

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

Keywords: bearish am inside day candle renasant corp

Ticker(s): RNST