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Possible Bullish Inside Day Candle Pattern Detected for Texas Capital Bancshares (NASDAQ:TCBI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Texas Capital Bancshares (NASDAQ:TCBI) based on the price action in the company's shares. Today's price range of $41.94 and $43.28 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 Texas Capital Bancshares 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, shares of Texas Capital Bancshares have traded between a low of $29.78 and a high of $63.70 and are now at $42.99, which is 44% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has slid 0.7%.

Texas Capital Bancshares, Inc. is the holding company for Texas Capital Bank, NA. The Bank attracts deposits from the general public and invests those funds in loans secured by single-family residential loans and commercial real estate, secured and unsecured commercial loans, and consumer loans. The Bank's current primary market is the greater Dallas/Fort Worth metropolitan area.

Potential upside of 40.1% exists for Texas Capital Bancshares, based on a current level of $42.99 and analysts' average consensus price target of $60.23. Texas Capital Bancshares shares should encounter resistance at the 200-day moving average (MA) of $47.54 and support at the 50-day MA of $39.27.

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

Keywords: bullish inside day candle texas capital bancshares

Ticker(s): TCBI