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Possible Bullish Inside Day Candle Pattern Detected for Mb Financial (NASDAQ:MBFI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mb Financial (NASDAQ:MBFI) based on the price action in the company's shares. Yesterday's price range of $41.24 and $41.87 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 Mb Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mb Financial has overhead space with shares priced $41.58, or 10.2% below the average consensus analyst price target of $46.29. The stock should run into initial resistance at its 50-day moving average (MA) of $44.49 and subsequent resistance at its 200-day MA of $45.81.

MB Financial, Inc. is the holding company for MB Financial Bank, N.A., a commercial bank serving middle market businesses and individuals. The Bank offers a range of products and services through branches located in Illinois.

Mb Financial share prices have moved between a 52-week high of $51.59 and a 52-week low of $32.72 and closed yesterday at 27% above that low price at $41.58 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Mb Financial. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Mb Financial in search of a potential trend change.

Keywords: bullish am inside day candle mb financial

Ticker(s): MBFI