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Possible Bullish Inside Day Candle Pattern Detected for United Bankshares (NASDAQ:UBSI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in United Bankshares (NASDAQ:UBSI) based on the price action in the company's shares. Yesterday's price range of $37.02 and $37.54 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 United Bankshares may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, United Bankshares has traded in a range of $32.22 to $43.43 and closed yesterday at $37.20, 15% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.7%.

There is potential upside of 4.8% for shares of United Bankshares based on a current price of $37.20 and an average consensus analyst price target of $39.00. The stock should find resistance at its 200-day moving average (MA) of $37.64, as well as support at its 50-day MA of $36.87.

United Bankshares, Inc. is a holding company that, through its subsidiaries, operates a network of offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. The Banks attract deposits from the general public and originates a variety of loan products.

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

Keywords: bullish am inside day candle united bankshares

Ticker(s): UBSI