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Possible Bullish Inside Day Candle Pattern Detected for BancorpSouth (NYSE:BXS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in BancorpSouth (NYSE:BXS) based on the price action in the company's shares. Yesterday's price range of $20.70 and $21.21 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 BancorpSouth may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

BancorpSouth, Inc. is the holding company for BancorpSouth Bank. The Bank attracts deposits from the general public and originates a variety of loans. BancorpSouth operates in Mississippi, Alabama, Tennessee, Arkansas, Texas, and Louisiana. The Company also provides investment services, consumer finance, credit life insurance, and insurance agency services.

In the past 52 weeks, BancorpSouth share prices have been bracketed by a low of $18.69 and a high of $27.23 and closed yesterday at $21.13, 13% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.1%.

Potential upside of 21.6% exists for BancorpSouth, based on a current level of $21.13 and analysts' average consensus price target of $25.69. The stock should run into initial resistance at its 50-day moving average (MA) of $21.68 and subsequent resistance at its 200-day MA of $23.22.

SmarTrend recommended that its subscribers protect gains by selling shares of BancorpSouth on May 13th, 2016 by issuing a Downtrend alert when the shares were trading at $22.18. Since that call, shares of BancorpSouth have fallen 7.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle bancorpsouth

Ticker(s): BXS