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Possible Bullish Inside Day Candle Pattern Detected for First Republic B (NYSE:FRC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in First Republic B (NYSE:FRC) based on the price action in the company's shares. Yesterday's price range of $99.88 and $101.14 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 First Republic B 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, shares of First Republic B have traded between a low of $63.97 and a high of $104.17 and closed yesterday at $100.76, which is 58% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.1%.

First Republic Bank and its subsidiaries provide private banking, private business banking and private wealth management in urban, coastal markets in the U.S. First Republic delivers relationship-based service by providing a single point of contact for all of its services.

First Republic B has overhead space with shares priced $100.76, or 4.0% below the average consensus analyst price target of $105.00. The stock should find initial support at its 50-day moving average (MA) of $67.41 and further support at its 200-day MA of $64.87.

SmarTrend recommended that subscribers consider buying shares of First Republic B on May 4th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $94.14. Since that recommendation, shares of First Republic B have risen 7.5%. We continue to monitor FRC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle first republic b

Ticker(s): FRC