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

By James Quinn

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 $141.08 and $145.43 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 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.

In the past 52 weeks, shares of Signature Bank have traded between a low of $113.53 and a high of $164.23 and closed yesterday at $144.95, which is 28% above that low price. 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%.

Potential upside of 19.1% exists for Signature Bank, based on a current level of $144.95 and analysts' average consensus price target of $172.67. The stock should discover initial support at its 200-day moving average (MA) of $141.96 and subsequent support at its 50-day MA of $138.40.

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

Keywords: bullish am inside day candle signature bank

Ticker(s): SBNY