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Possible Bullish Inside Day Candle Pattern Detected for Columbia Banking System (NASDAQ:COLB)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Columbia Banking System (NASDAQ:COLB) based on the price action in the company's shares. Yesterday's price range of $26.52 and $27.11 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 Columbia Banking System may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Columbia Banking System, Inc. is the holding company for Columbia Bank, a full service commercial bank. The Bank serves small and medium-sized businesses, professionals, and other individuals through office in the Tacoma metropolitan area and contiguous parts of the Puget Sound region of Washington, as well as the Longview and Woodland communities in southwestern Washington.

In the past 52 weeks, shares of Columbia Banking System have traded between a low of $26.17 and a high of $36.27 and closed yesterday at $26.95, which is 3% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

Potential upside of 30.6% exists for Columbia Banking System, based on a current level of $26.95 and analysts' average consensus price target of $35.20. The stock should find initial resistance at its 50-day moving average (MA) of $29.95 and further resistance at its 200-day MA of $31.25.

SmarTrend recommended that its subscribers protect gains by selling shares of Columbia Banking System on June 14th, 2016 by issuing a Downtrend alert when the shares were trading at $28.46. Since that call, shares of Columbia Banking System have fallen 7.6%. 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 columbia banking system

Ticker(s): COLB