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Possible Bullish Inside Day Candle Pattern Detected for Pinnacle Finl (NASDAQ:PNFP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pinnacle Finl (NASDAQ:PNFP) based on the price action in the company's shares. Yesterday's price range of $60.10 and $60.90 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 Pinnacle Finl may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Pinnacle Finl has overhead space with shares priced $60.60, or 19.4% below the average consensus analyst price target of $75.20. The stock should run into initial resistance at its 50-day moving average (MA) of $64.79 and subsequent resistance at its 200-day MA of $65.44.

Pinnacle Financial Partners, Inc. is a holding company for Pinnacle National Bank. The Bank operates as a community bank emphasizing personal banking relationships with individuals and businesses located in its primary service area, which is comprised of the metropolitan Nashville, Tennessee area and surrounding counties.

Pinnacle Finl share prices have moved between a 52-week high of $69.95 and a 52-week low of $58.40 and closed yesterday at 4% above that low price at $60.60 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

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

Keywords: bullish am inside day candle pinnacle finl

Ticker(s): PNFP