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Possible Bullish Inside Day Candle Pattern Detected for Valley National Bancorp (NYSE:VLY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Valley National Bancorp (NYSE:VLY) based on the price action in the company's shares. Yesterday's price range of $12.42 and $12.58 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 Valley National 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.

Valley National Bancorp is the holding company for Valley National Bank and The Merchants Bank of New York. The Banks provide personal and commercial banking products and services to individuals and businesses through branches located in northern New Jersey, and Manhattan, New York. Valley's other subsidiaries include mortgage servicing and investment companies.

Valley National Bancorp (NYSE:VLY) has potential upside of 0.3% based on a current price of $12.46 and analysts' consensus price target of $12.50. The stock should find initial support at its 200-day moving average (MA) of $9.72 and further support at its 50-day MA of $9.52.

Valley National Bancorp share prices have moved between a 52-week high of $12.82 and a 52-week low of $8.31 and closed yesterday at 50% above that low price at $12.46 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that subscribers consider buying shares of Valley National Bancorp on September 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.81. Since that recommendation, shares of Valley National Bancorp have risen 26.6%. We continue to monitor VLY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle valley national bancorp

Ticker(s): VLY