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Possible Bullish Inside Day Candle Pattern Detected for FirstMerit (NASDAQ:FMER)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in FirstMerit (NASDAQ:FMER) based on the price action in the company's shares. Yesterday's price range of $21.50 and $21.78 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 FirstMerit may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

FirstMerit Corporation operates primarily as a multi-bank holding company. The Banks attract deposits, originate loans, and provide other banking services. The Company's non-banking subsidiaries provide securities brokerage, trust, equipment lease financing, insurance, and other services. FirstMerit operates in Ohio.

In the past 52 weeks, shares of FirstMerit have traded between a low of $15.33 and a high of $22.63 and closed yesterday at $21.69, which is 41% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

FirstMerit (NASDAQ:FMER) is currently priced 6.4% above its average consensus analyst price target of $20.30. FirstMerit shares have support at the 50-day moving average (MA) of $21.35 and additional support at the 200-day MA of $19.27.

SmarTrend recommended that subscribers consider buying shares of FirstMerit on January 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.52. Since that recommendation, shares of FirstMerit have risen 15.9%. We continue to monitor FMER for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle FirstMerit

Ticker(s): FMER