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Possible Bullish Inside Day Candle Pattern Detected for Chemical Fin (NASDAQ:CHFC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chemical Fin (NASDAQ:CHFC) based on the price action in the company's shares. Yesterday's price range of $55.26 and $55.70 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 Chemical Fin 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, shares of Chemical Fin have traded between a low of $43.61 and a high of $59.83 and closed yesterday at $55.64, which is 28% above that low price. The 200-day and 50-day moving averages have moved 0.14% higher and 0.10% higher over the past week, respectively.

Chemical Financial Corporation is a multi-bank holding company. The Banks offer a full range of commercial banking and fiduciary services, including accepting deposits, business and personal checking accounts, commercial lending, and consumer financing. Chemical Financial operates in the lower peninsula of Michigan.

Chemical Fin has overhead space with shares priced $55.64, or 9.4% below the average consensus analyst price target of $61.44. The stock should find resistance at its 50-day moving average (MA) of $57.03, as well as support at its 200-day MA of $55.52.

SmarTrend is tracking the current trend status for Chemical Fin and will alert subscribers who have CHFC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle chemical fin

Ticker(s): CHFC