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Possible Bullish Inside Day Candle Pattern Detected for BB&T (NYSE:BBT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in BB&T (NYSE:BBT) based on the price action in the company's shares. Today's price range of $33.31 and $33.72 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. Traders and investors interested in shares of BB&T may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

BB&T Corporation operates banking offices in the Carolinas, Georgia, Virginia, Maryland, West Virginia, Kentucky, Alabama, Indiana, Washington D.C., Florida and Tennessee. The Company and its subsidiaries offer full-service commercial and retail banking, as well as insurance, retail brokerage, corporate finance, international banking, leasing, and trust services.

There is potential upside of 25.1% for shares of BB&T based on a current price of $33.55 and an average consensus analyst price target of $41.96. The stock should run into initial resistance at its 50-day moving average (MA) of $34.09 and subsequent resistance at its 200-day MA of $35.95.

BB&T share prices have moved between a 52-week high of $41.90 and a 52-week low of $29.95 and are now trading 12% above that low price at $33.55 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.4%.

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

Keywords: bullish inside day candle BB&T

Ticker(s): BBT