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Possible Bullish Inside Day Candle Pattern Detected for Independent Bank (NASDAQ:IBTX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Independent Bank (NASDAQ:IBTX) based on the price action in the company's shares. Yesterday's price range of $69.03 and $71.20 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 Independent Bank 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 Independent Bank have traded between a low of $34.00 and a high of $75.95 and closed yesterday at $70.65, which is 108% above that low price. The 200-day and 50-day moving averages have moved 0.55% lower and 2.23% higher over the past week, respectively.

Independent Bank Group, Inc. operates national commercial bank. The Company offers personal and business banking services. Independent Bank operates in Texas.

Independent Bank (NASDAQ:IBTX) has potential upside of 15.0% based on a current price of $70.65 and analysts' consensus price target of $81.25. The stock should find initial support at its 200-day moving average (MA) of $35.45 and further support at its 50-day MA of $30.17.

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

Keywords: bullish am inside day candle independent bank

Ticker(s): IBTX