• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Renasant Corp (NASDAQ:RNST)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Renasant Corp (NASDAQ:RNST) based on the price action in the company's shares. Yesterday's price range of $44.79 and $45.20 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 Renasant 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.

Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. The Company operates banking and insurance offices in Mississippi, Tennessee, and Alabama, all located in the United States. Renasant provides a range of deposit products, loans, and other services, as well as life, health and disability, and long-term care insurance.

There is potential upside of 9.1% for shares of Renasant Corp based on a current price of $45.05 and an average consensus analyst price target of $49.14. The stock should hit resistance at its 50-day moving average (MA) of $47.21, as well as support at its 200-day MA of $43.89.

In the past 52 weeks, Renasant Corp share prices have been bracketed by a low of $30.21 and a high of $49.78 and closed yesterday at $45.05, 49% above that low price. The 200-day and 50-day moving averages have moved 0.12% higher and 0.06% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Renasant Corp on June 15th, 2018 by issuing a Downtrend alert when the shares were trading at $47.00. Since that call, shares of Renasant Corp have fallen 4.9%. 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 renasant corp

Ticker(s): RNST