• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for US Bancorp (NYSE:USB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in US Bancorp (NYSE:USB) based on the price action in the company's shares. Today's price range of $54.95 and $55.14 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 US Bancorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

US Bancorp (NYSE:USB) is currently priced 1.3% above its average consensus analyst price target of $54.36. The stock should find initial support at its 200-day moving average (MA) of $41.81 and further support at its 50-day MA of $41.01.

In the past 52 weeks, US Bancorp share prices have been bracketed by a low of $37.07 and a high of $56.61 and are now at $55.09, 49% above that low price. The 200-day and 50-day moving averages have moved 0.17% lower and 0.58% higher over the past week, respectively.

U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

SmarTrend recommended that subscribers consider buying shares of US Bancorp on July 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.04. Since that recommendation, shares of US Bancorp have risen 30.5%. We continue to monitor USB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle us bancorp

Ticker(s): USB