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

By Nick Russo

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. Today's price range of $18.94 and $19.27 is within yesterday'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.

FirstMerit share prices have moved between a 52-week high of $23.15 and a 52-week low of $15.33 and are now trading 25% above that low price at $19.14 per share. 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 has overhead space with shares priced $19.14, or 5.7% below the average consensus analyst price target of $20.30. FirstMerit shares should first meet resistance at the 200-day moving average (MA) of $19.27 and find additional resistance at the 50-day MA of $21.35.

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

Keywords: bullish inside day candle FirstMerit

Ticker(s): FMER