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Possible Bearish Inside Day Candle Pattern Detected for First Defiance (NASDAQ:FDEF)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in First Defiance (NASDAQ:FDEF) based on the price action in the company's shares. Yesterday's price range of $16.82 and $17.81 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 First Defiance may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 269.2% exists for First Defiance, based on a current level of $17.38 and analysts' average consensus price target of $64.17. The stock should find initial resistance at its 50-day moving average (MA) of $17.85 and further resistance at its 200-day MA of $26.38.

First Defiance share prices have moved between a 52-week high of $32.39 and a 52-week low of $10.98 and closed yesterday at 58% above that low price at $17.38 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 4.7%.

First Defiance Financial Corp. is the holding company for First Federal Bank of the Midwest and First Insurance and Investments, Inc. The Bank offers a broad range of commercial and consumer banking services through its offices located throughout nine northwest Ohio counties. First Insurance and Investments, Inc. provides a variety of insurance services, as well as investment products.

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

Keywords: bearish am inside day candle first defiance

Ticker(s): FDEF