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Possible Bullish Inside Day Candle Pattern Detected for Eagle Bancrp Inc (NASDAQ:EGBN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Eagle Bancrp Inc (NASDAQ:EGBN) based on the price action in the company's shares. Yesterday's price range of $39.35 and $40.72 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 Eagle Bancrp Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Eagle Bancrp Inc share prices have moved between a 52-week high of $65.42 and a 52-week low of $39.04 and closed yesterday at 2% above that low price at $39.63 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.4%.

Eagle Bancorp, Inc. is the holding company for EagleBank. The Bank provides real estate, commercial, and consumer lending, as well as traditional demand deposits and savings products to customers primarily in Montgomery County, Maryland.

Eagle Bancrp Inc (NASDAQ:EGBN) has potential upside of 79.3% based on a current price of $39.63 and analysts' consensus price target of $71.06. The stock should run into initial resistance at its 200-day moving average (MA) of $53.26 and subsequent resistance at its 50-day MA of $54.09.

SmarTrend recommended that its subscribers protect gains by selling shares of Eagle Bancrp Inc on June 21st, 2019 by issuing a Downtrend alert when the shares were trading at $52.57. Since that call, shares of Eagle Bancrp Inc have fallen 24.6%. 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 eagle bancrp inc

Ticker(s): EGBN