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

By Shiri Gupta

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 $51.45 and $51.62 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.

Potential upside of 5.6% exists for US Bancorp, based on a current level of $51.48 and analysts' average consensus price target of $54.36. The stock should discover initial support at its 200-day moving average (MA) of $41.81 and subsequent support at its 50-day MA of $41.01.

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.

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 $51.48, 39% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.6%.

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

Keywords: bullish inside day candle us bancorp

Ticker(s): USB