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Possible Bullish Inside Day Candle Pattern Detected for Regions Financial (NYSE:RF)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Regions Financial (NYSE:RF) based on the price action in the company's shares. Yesterday's price range of $8.01 and $8.26 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 Regions 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.

Regions Financial Corporation is a regional multi-bank holding company. The Company provides mortgage banking, credit life insurance, leasing, commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services. Regions provides banking services throughout the South, Midwest, and Eastern United States.

Regions Financial has overhead space with shares priced $8.23, or 26.6% below the average consensus analyst price target of $11.22. The stock should run into initial resistance at its 50-day moving average (MA) of $8.36 and subsequent resistance at its 200-day MA of $9.06.

Regions Financial share prices have moved between a 52-week high of $10.87 and a 52-week low of $7.00 and closed yesterday at 18% above that low price at $8.23 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has slid 0.2%.

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

Keywords: bullish am inside day candle regions financial

Ticker(s): RF