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Possible Bearish Inside Day Candle Pattern Detected for Texas Capital Ba (NASDAQ:TCBI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Texas Capital Ba (NASDAQ:TCBI) based on the price action in the company's shares. Yesterday's price range of $61.17 and $61.73 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 Texas Capital Ba may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Texas Capital Bancshares, Inc. is the holding company for Texas Capital Bank, NA. The Bank attracts deposits from the general public and invests those funds in loans secured by single-family residential loans and commercial real estate, secured and unsecured commercial loans, and consumer loans. Texas Capital Bancshares serves customers in the State of Texas.

In the past 52 weeks, Texas Capital Ba share prices have been bracketed by a low of $47.86 and a high of $103.05 and closed yesterday at $61.27, 28% above that low price. The 200-day and 50-day moving averages have moved 0.7% lower and 0.62% higher over the past week, respectively.

There is potential upside of 72.5% for shares of Texas Capital Ba based on a current price of $61.27 and an average consensus analyst price target of $105.67. The stock should find resistance at its 200-day moving average (MA) of $77.72, as well as support at its 50-day MA of $55.84.

SmarTrend recommended that subscribers consider buying shares of Texas Capital Ba on January 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.12. Since that recommendation, shares of Texas Capital Ba have risen 14.3%. We continue to monitor TCBI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle texas capital ba

Ticker(s): TCBI