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

By James Quinn

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. Today's price range of $8.01 and $8.19 is within yesterday'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.

In the past 52 weeks, shares of Regions Financial have traded between a low of $7.00 and a high of $10.87 and are now at $8.12, which is 16% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.5%.

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 $8.12, or 27.6% 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.

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 inside day candle regions financial

Ticker(s): RF