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Possible Bullish Inside Day Candle Pattern Detected for PrivateBancorp (NASDAQ:PVTB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PrivateBancorp (NASDAQ:PVTB) based on the price action in the company's shares. Yesterday's price range of $34.60 and $36.08 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 PrivateBancorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 17.2% exists for PrivateBancorp, based on a current level of $35.93 and analysts' average consensus price target of $42.10. The stock should run into initial resistance at its 50-day moving average (MA) of $38.95 and subsequent resistance at its 200-day MA of $39.39.

PrivateBancorp, Inc., is a diversified financial services company. The Company through its subsidiaries, delivers business and personal financial service to middle-market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and wealthy families.

In the past 52 weeks, shares of PrivateBancorp have traded between a low of $31.18 and a high of $45.79 and closed yesterday at $35.93, which is 15% above that low price. The 200-day and 50-day moving averages have moved 0.08% lower and 1.40% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of PrivateBancorp on June 13th, 2016 by issuing a Downtrend alert when the shares were trading at $41.25. Since that call, shares of PrivateBancorp have fallen 17.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle privatebancorp

Ticker(s): PVTB