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Possible Bullish Inside Day Candle Pattern Detected for M&T Bank Corp (NYSE:MTB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in M&T Bank Corp (NYSE:MTB) based on the price action in the company's shares. Yesterday's price range of $166.86 and $167.78 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 M&T Bank Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

M&T Bank Corporation is a bank holding company. The Company, through its banking subsidiaries, offer a variety of commercial banking, trust, and investment services to their customers. M&T Bank operates branch offices in New York, Maryland, Pennsylvania, Delaware, New Jersey, Virginia, West Virginia, and the District of Columbia.

M&T Bank Corp (NYSE:MTB) has potential upside of 13.6% based on a current price of $168.26 and analysts' consensus price target of $191.14. The stock should find resistance at its 50-day moving average (MA) of $168.30, as well as support at its 200-day MA of $162.29.

In the past 52 weeks, M&T Bank Corp share prices have been bracketed by a low of $141.50 and a high of $176.11 and closed yesterday at $168.26, 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for M&T Bank Corp and will alert subscribers who have MTB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle m&t bank corp

Ticker(s): MTB