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

By Amy Schwartz

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 $8.93 and $9.07 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 share prices have moved between a 52-week high of $11.24 and a 52-week low of $8.31 and closed yesterday at 9% above that low price at $9.07 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

Potential upside of 15.8% exists for Valley National Bancorp, based on a current level of $9.07 and analysts' average consensus price target of $10.50. The stock should run into initial resistance at its 50-day moving average (MA) of $9.52 and subsequent resistance at its 200-day MA of $9.72.

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.

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

Keywords: bullish am inside day candle valley national bancorp

Ticker(s): VLY