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Possible Bearish Inside Day Candle Pattern Detected for Commerce Bcshs (NASDAQ:CBSH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Commerce Bcshs (NASDAQ:CBSH) based on the price action in the company's shares. Yesterday's price range of $57.57 and $60.87 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. Owners of Commerce Bcshs may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Commerce Bcshs have traded between a low of $48.16 and a high of $71.92 and closed yesterday at $58.50, which is 21% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.1%.

Potential upside of 5.0% exists for Commerce Bcshs, based on a current level of $58.50 and analysts' average consensus price target of $61.44. The stock should run into initial resistance at its 200-day moving average (MA) of $62.31 and subsequent resistance at its 50-day MA of $65.24.

Commerce Bancshares, Inc., a bank holding company, offers a full line of banking services, including capital markets, trust services, investment management and securities brokerage. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, and real estate activities. Commerce operates in multiple states.

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

Keywords: bearish am inside day candle commerce bcshs

Ticker(s): CBSH