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Possible Bearish Inside Day Candle Pattern Detected for Synovus Finl (NYSE:SNV)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Synovus Finl (NYSE:SNV) based on the price action in the company's shares. Yesterday's price range of $34.60 and $34.95 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 Synovus Finl 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 Synovus Finl have traded between a low of $29.93 and a high of $57.40 and closed yesterday at $34.94, which is 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.5%.

Potential upside of 60.2% exists for Synovus Finl, based on a current level of $34.94 and analysts' average consensus price target of $55.97. Synovus Finl shares should first meet resistance at the 50-day moving average (MA) of $35.04 and find additional resistance at the 200-day MA of $46.52.

Synovus Financial Corp. provides financial services. The Company offers commercial, retail banking, and investment services. Synovus Financial serves customers in the United States.

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

Keywords: bearish am inside day candle synovus finl

Ticker(s): SNV