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Possible Bullish Inside Day Candle Pattern Detected for Zions Bancorporation (NASDAQ:ZION)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Zions Bancorporation (NASDAQ:ZION) based on the price action in the company's shares. Today's price range of $44.09 and $44.61 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 Zions Bancorporation may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Zions Bancorporation is a bank holding company that operates full-service banking offices in western United States. The Company also offers an array of investment, mortgage, insurance, and electronic commerce services. In addition, Zions provides financing solutions for small businesses across the United States.

Zions Bancorporation has overhead space with shares priced $44.48, or 3.0% below the average consensus analyst price target of $45.83. The stock should find initial support at its 200-day moving average (MA) of $26.74 and further support at its 50-day MA of $24.91.

In the past 52 weeks, shares of Zions Bancorporation have traded between a low of $13.18 and a high of $48.33 and are now at $44.48, which is 237% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.7%.

SmarTrend recommended that subscribers consider buying shares of Zions Bancorporation on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.07. Since that recommendation, shares of Zions Bancorporation have risen 69.1%. We continue to monitor ZION for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle zions bancorporation

Ticker(s): ZION