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Possible Bullish Inside Day Candle Pattern Detected for CVB Financial (NASDAQ:CVBF)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CVB Financial (NASDAQ:CVBF) based on the price action in the company's shares. Yesterday's price range of $15.39 and $15.72 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 CVB Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

CVB Financial share prices have moved between a 52-week high of $18.77 and a 52-week low of $14.02 and closed yesterday at 12% above that low price at $15.66 per share. The 200-day and 50-day moving averages have moved 0.15% lower and 0.70% higher over the past week, respectively.

There is potential upside of 15.6% for shares of CVB Financial based on a current price of $15.66 and an average consensus analyst price target of $18.10. CVB Financial shares should first meet resistance at the 200-day moving average (MA) of $16.79 and find additional resistance at the 50-day MA of $16.97.

CVB Financial Corp. is the holding company for Citizens Business Bank and Community Trust Deed Services. The Bank attracts deposits and originates loans, as well as serves as a federal tax depository for its business customers. Citizens operates in Southern California.

SmarTrend recommended that its subscribers protect gains by selling shares of CVB Financial on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $16.35. Since that call, shares of CVB Financial have fallen 6.4%. 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 cvb financial

Ticker(s): CVBF