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

By Nick Russo

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 $43.26 and $43.45 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.

In the past 52 weeks, BB&T share prices have been bracketed by a low of $29.95 and a high of $49.88 and are now at $43.28, 45% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.5%.

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.

BB&T has overhead space with shares priced $43.28, or 10.9% below the average consensus analyst price target of $48.56. BB&T shares have support at the 200-day moving average (MA) of $35.95 and additional support at the 50-day MA of $34.09.

SmarTrend recommended that its subscribers protect gains by selling shares of BB&T on March 21st, 2017 by issuing a Downtrend alert when the shares were trading at $45.24. Since that call, shares of BB&T have fallen 4.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle BB&T

Ticker(s): BBT