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Possible Bullish Inside Day Candle Pattern Detected for Synovus Financial (NYSE:SNV)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Synovus Financial (NYSE:SNV) based on the price action in the company's shares. Today's price range of $30.44 and $30.57 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 Synovus 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.

Synovus Financial share prices have moved between a 52-week high of $33.80 and a 52-week low of $25.48 and are now trading 20% above that low price at $30.50 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

Synovus Financial (NYSE:SNV) has potential upside of 8.4% based on a current price of $30.50 and analysts' consensus price target of $33.06. The stock should discover initial support at its 200-day moving average (MA) of $30.36 and subsequent support at its 50-day MA of $29.37.

Synovus Financial Corp. is a financial services holding company that provides various financial services. The Company, through its subsidiaries, provides commercial and retail banking, as well as investment services, to customers in Georgia, Alabama, South Carolina, Florida and Tennessee.

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

Keywords: bullish inside day candle synovus financial

Ticker(s): SNV