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Possible Bearish Inside Day Candle Pattern Detected for Horizon Bncrp/In (NASDAQ:HBNC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Horizon Bncrp/In (NASDAQ:HBNC) based on the price action in the company's shares. Yesterday's price range of $9.44 and $9.91 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 Horizon Bncrp/In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Horizon Bncrp/In (NASDAQ:HBNC) has potential upside of 240.2% based on a current price of $9.75 and analysts' consensus price target of $33.17. The stock should run into initial resistance at its 50-day moving average (MA) of $15.00 and subsequent resistance at its 200-day MA of $16.68.

Horizon Bancorp is the holding company for Horizon Bank, N.A. and its wholly-owned subsidiaries. The Bank and its subsidiaries provide commercial and retail banking, investment management services, commercial and personal property and casualty insurance services, retail lending, and insurance credit life sales. Horizon Bank operates in LaPorte and Porter counties, Indiana.

Over the past year, Horizon Bncrp/In has traded in a range of $7.42 to $19.45 and closed yesterday at $9.75, 31% above that low. The 200-day and 50-day moving averages have moved 0.56% lower and 3.42% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Horizon Bncrp/In on June 18th, 2018 by issuing a Downtrend alert when the shares were trading at $21.45. Since that call, shares of Horizon Bncrp/In have fallen 55.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle horizon bncrp/in

Ticker(s): HBNC