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Possible Bearish Inside Day Candle Pattern Detected for Zions Bancorp (NASDAQ:ZION)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Zions Bancorp (NASDAQ:ZION) based on the price action in the company's shares. Yesterday's price range of $50.77 and $51.04 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 Zions Bancorp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Zions Bancorp has traded in a range of $38.08 to $59.19 and closed yesterday at $50.90, 34% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Zions Bancorp has overhead space with shares priced $50.90, or 14.8% below the average consensus analyst price target of $59.72. The stock should discover initial support at its 200-day moving average (MA) of $50.54 and subsequent support at its 50-day MA of $45.34.

Zions Bancorporation is a bank holding company that operates full-service banking offices in western United States. The Company also offers an array of investment, mortgage, insurance, and electronic commerce services. In addition, Zions provides financing solutions for small businesses across the United States.

SmarTrend recommended that subscribers consider buying shares of Zions Bancorp on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.34. Since that recommendation, shares of Zions Bancorp have risen 21.1%. We continue to monitor ZION for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Zions Bancorp

Ticker(s): ZION