Possible Bullish Inside Day Candle Pattern Detected for Webster Financial (NYSE:WBS)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Webster Financial (NYSE:WBS) based on the price action in the company's shares. Yesterday's price range of $31.64 and $32.41 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 Webster Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
In the past 52 weeks, shares of Webster Financial have traded between a low of $30.09 and a high of $41.34 and closed yesterday at $32.23, which is 7% above that low price. The 200-day and 50-day moving averages have moved 0.19% lower and 0.52% higher over the past week, respectively.
Webster Financial Corporation is the holding company for Webster Bank, N.A. and Webster Insurance. The Bank provides business and consumer banking, mortgage, insurance, trust, financial planning and investment services. Webster also offers asset-based lending, insurance premium financing and equipment financing.
There is potential upside of 23.2% for shares of Webster Financial based on a current price of $32.23 and an average consensus analyst price target of $39.70. The stock should run into initial resistance at its 50-day moving average (MA) of $36.04 and subsequent resistance at its 200-day MA of $36.26.
SmarTrend is monitoring the recent change of momentum in Webster Financial. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Webster Financial in search of a potential trend change.
Keywords: bullish am inside day candle webster financial