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Possible Bullish Inside Day Candle Pattern Detected for Ameris Bancorp (NASDAQ:ABCB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ameris Bancorp (NASDAQ:ABCB) based on the price action in the company's shares. Yesterday's price range of $52.50 and $53.75 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. Traders and investors interested in shares of Ameris Bancorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ameris Bancorp is a multi-bank holding company. The Banks provide a broad range of retail and commercial banking services to its customers, including checking and savings deposits, commercial and consumer loans, trust services, discount brokerage services, and electronic funds transfer services. Ameris Bancorp operates in Georgia, Florida and Alabama.

Over the past year, Ameris Bancorp has traded in a range of $27.92 to $59.05 and closed yesterday at $53.75, 93% above that low. The 200-day and 50-day moving averages have moved 0.33% higher and 1.24% higher over the past week, respectively.

Potential upside of 14.6% exists for Ameris Bancorp, based on a current level of $53.75 and analysts' average consensus price target of $61.60. The stock should find initial support at its 200-day moving average (MA) of $29.58 and further support at its 50-day MA of $29.35.

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

Keywords: bullish am inside day candle ameris bancorp

Ticker(s): ABCB