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Possible Bearish Inside Day Candle Pattern Detected for Us Bancorp (NYSE:USB)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Us Bancorp (NYSE:USB) based on the price action in the company's shares. Today's price range of $50.65 and $50.72 is within yesterday'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 Us Bancorp 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, Us Bancorp share prices have been bracketed by a low of $43.14 and a high of $55.56 and are now at $50.72, 18% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

There is potential upside of 13.6% for shares of Us Bancorp based on a current price of $50.72 and an average consensus analyst price target of $57.62. Us Bancorp shares should encounter resistance at the 200-day moving average (MA) of $51.43 and support at the 50-day MA of $50.48.

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

Keywords: bearish inside day candle us bancorp

Ticker(s): USB