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Possible Bullish Inside Day Candle Pattern Detected for Itau Unibanco Holding SA (NYSE:ITUB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Itau Unibanco Holding SA (NYSE:ITUB) based on the price action in the company's shares. Today's price range of $8.20 and $8.31 is within yesterday'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 Itau Unibanco Holding SA may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 1.7% for shares of Itau Unibanco Holding SA based on a current price of $8.27 and an average consensus analyst price target of $8.41. The stock should find resistance at its 50-day moving average (MA) of $8.55, as well as support at its 200-day MA of $7.42.

Over the past year, Itau Unibanco Holding SA has traded in a range of $5.48 to $12.93 and is now at $8.27, 51% above that low. The 200-day and 50-day moving averages have moved 0.28% lower and 2.37% higher over the past week, respectively.

Itau Unibanco Holding SA attracts deposits and offer retail, commercial, corporate, and private banking services. The Bank offers consumer loans, financial management, insurance, pension plans, treasury services, mortgage loans, lease financing, securities brokerage, and foreign exchange services.

SmarTrend is tracking the current trend status for Itau Unibanco Holding SA and will alert subscribers who have ITUB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Itau Unibanco Holding SA

Ticker(s): ITUB