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Possible Bullish Inside Day Candle Pattern Detected for Commerce Bancshares (NASDAQ:CBSH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Commerce Bancshares (NASDAQ:CBSH) based on the price action in the company's shares. Yesterday's price range of $45.00 and $46.00 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 Commerce Bancshares 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, Commerce Bancshares share prices have been bracketed by a low of $37.44 and a high of $49.41 and closed yesterday at $45.91, 23% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Commerce Bancshares, Inc., a bank holding company, offers a full line of banking services, including investment management and securities brokerage. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, and real estate activities. Commerce operates in Missouri, Illinois, and Kansas.

Commerce Bancshares (NASDAQ:CBSH) is currently priced 3.4% above its average consensus analyst price target of $44.33. The stock should find initial support at its 50-day moving average (MA) of $45.23 and further support at its 200-day MA of $44.46.

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

Keywords: bullish am inside day candle commerce bancshares

Ticker(s): CBSH