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Possible Bullish Inside Day Candle Pattern Detected for Iberiabank (NASDAQ:IBKC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Iberiabank (NASDAQ:IBKC) based on the price action in the company's shares. Yesterday's price range of $56.00 and $57.93 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 Iberiabank may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Iberiabank have traded between a low of $42.20 and a high of $72.41 and closed yesterday at $57.67, which is 37% above that low price. The 200-day and 50-day moving averages have moved 0.35% lower and 1.54% higher over the past week, respectively.

Potential upside of 15.0% exists for Iberiabank, based on a current level of $57.67 and analysts' average consensus price target of $66.33. The stock should discover initial support at its 200-day moving average (MA) of $56.25 and subsequent support at its 50-day MA of $52.54.

IBERIABANK Corporation is the holding company for IBERIABANK, a commercial bank conducting business from a network of offices located throughout Louisiana. The Bank attracts deposits from the general public and uses those funds to originate consumer and commercial loans. IBERIABANK also offers discount brokerage services through a wholly owned subsidiary.

SmarTrend recommended that subscribers consider buying shares of Iberiabank on April 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.08. Since that recommendation, shares of Iberiabank have risen 4.8%. We continue to monitor IBKC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle iberiabank

Ticker(s): IBKC