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

By Nick Russo

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 $19.91 and $20.20 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.

Potential upside of 124.2% exists for Home Bancshares, based on a current level of $20.07 and analysts' average consensus price target of $45.00. Home Bancshares shares should first meet resistance at the 200-day moving average (MA) of $20.48 and find additional resistance at the 50-day MA of $21.07.

Over the past year, Home Bancshares has traded in a range of $16.94 to $23.75 and closed yesterday at $20.07, 18% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Home Bancshares on September 23rd, 2016 by issuing a Downtrend alert when the shares were trading at $21.80. Since that call, shares of Home Bancshares have fallen 7.9%. 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 home bancshares

Ticker(s): HOMB