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Possible Bullish Inside Day Candle Pattern Detected for Signature Bank (NASDAQ:SBNY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Signature Bank (NASDAQ:SBNY) based on the price action in the company's shares. Yesterday's price range of $158.26 and $160.78 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 Signature Bank may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Signature Bank (NASDAQ:SBNY) has potential upside of 9.1% based on a current price of $159.58 and analysts' consensus price target of $174.07. Signature Bank shares have support at the 200-day moving average (MA) of $141.96 and additional support at the 50-day MA of $138.40.

Signature Bank is a full service commercial bank that serves privately owned business clients and their owners and senior managers. The Bank offers business and personal banking products and services as well as investment, brokerage, asset management and insurance products through its subsidiary, Signature Securities Group Corp.

Signature Bank share prices have moved between a 52-week high of $164.23 and a 52-week low of $113.53 and closed yesterday at 41% above that low price at $159.58 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

SmarTrend is tracking the current trend status for Signature Bank and will alert subscribers who have SBNY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle signature bank

Ticker(s): SBNY