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Possible Bullish Inside Day Candle Pattern Detected for Home Bancshares (NASDAQ:HOMB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Home Bancshares (NASDAQ:HOMB) based on the price action in the company's shares. Yesterday's price range of $23.50 and $23.85 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 Home Bancshares may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Home BancShares Inc. is a bank holding company whose subsidiaries provide a range of commercial and retail banking services to businesses, real estate developers and investors, individuals and municipalities. The Banks serve central Arkansas, and the Florida Keys and southwestern Florida.

Home Bancshares (NASDAQ:HOMB) has potential upside of 15.6% based on a current price of $23.60 and analysts' consensus price target of $27.29. The stock should discover initial support at its 200-day moving average (MA) of $23.53 and subsequent support at its 50-day MA of $23.26.

In the past 52 weeks, Home Bancshares share prices have been bracketed by a low of $18.32 and a high of $29.69 and closed yesterday at $23.60, 29% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

SmarTrend is tracking the current trend status for Home Bancshares and will alert subscribers who have HOMB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle home bancshares

Ticker(s): HOMB