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Possible Bullish Inside Day Candle Pattern Detected for Cullen/Frost Bankers (NYSE:CFR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cullen/Frost Bankers (NYSE:CFR) based on the price action in the company's shares. Yesterday's price range of $58.53 and $59.99 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 Cullen/Frost Bankers may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 20.0% exists for Cullen/Frost Bankers, based on a current level of $59.80 and analysts' average consensus price target of $71.79. The stock should find resistance at its 200-day moving average (MA) of $60.88, as well as support at its 50-day MA of $56.91.

Over the past year, Cullen/Frost Bankers has traded in a range of $42.41 to $80.23 and closed yesterday at $59.80, 41% above that low. The 200-day and 50-day moving averages have moved 0.41% lower and 1.55% higher over the past week, respectively.

Cullen/Frost Bankers, Inc. is the holding company for The Frost National Bank. The Bank provides commercial banking, consumer services, investment banking, international banking, trust services, correspondent banking, discount brokerage, and insurance services through a network of offices in Texas.

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

Keywords: bullish am inside day candle cullen/frost bankers

Ticker(s): CFR