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

By Amy Schwartz

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 $32.35 and $33.27 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.

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 $32.88, 9% above that low price. The 200-day and 50-day moving averages have moved 0.35% lower and 1.36% lower over the past week, respectively.

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 49.5% for shares of Renasant Corp based on a current price of $32.88 and an average consensus analyst price target of $49.14. Renasant Corp shares should first meet resistance at the 50-day moving average (MA) of $36.17 and find additional resistance at the 200-day MA of $43.19.

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

Keywords: bullish am inside day candle renasant corp

Ticker(s): RNST