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Possible Bullish Inside Day Candle Pattern Detected for Flagstar Bancorp (NYSE:FBC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Flagstar Bancorp (NYSE:FBC) based on the price action in the company's shares. Yesterday's price range of $33.09 and $33.71 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 Flagstar Bancorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Flagstar Bancorp (NYSE:FBC) has potential upside of 20.1% based on a current price of $33.67 and analysts' consensus price target of $40.44. The stock should run into initial resistance at its 50-day moving average (MA) of $34.88 and subsequent resistance at its 200-day MA of $35.94.

Flagstar Bancorp, Inc. is the holding company for Flagstar Bank, FSB. The Bank attracts deposits from the general public and originates or acquires residential mortgage loans. Flagstar also originates consumer, commercial real estate, and non-real estate commercial loans and it operates predominantly in Michigan and Indiana, as well as throughout the United States.

In the past 52 weeks, shares of Flagstar Bancorp have traded between a low of $29.61 and a high of $40.06 and closed yesterday at $33.67, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Flagstar Bancorp on July 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $34.16. Since that call, shares of Flagstar Bancorp have fallen 3.2%. 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 flagstar bancorp

Ticker(s): FBC