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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. Yesterday's price range of $54.61 and $54.76 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 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.

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.

There is potential upside of 5.8% for shares of Us Bancorp based on a current price of $54.45 and an average consensus analyst price target of $57.62. Us Bancorp shares should first meet resistance at the 200-day moving average (MA) of $55.03 and find additional resistance at the 50-day MA of $56.86.

Us Bancorp share prices have moved between a 52-week high of $61.11 and a 52-week low of $47.57 and closed yesterday at 14% above that low price at $54.45 per share. The 200-day and 50-day moving averages have moved 0.02% higher and 0.34% lower over the past week, respectively.

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

Keywords: bullish am inside day candle us bancorp

Ticker(s): USB