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Possible Bearish Inside Day Candle Pattern Detected for Peoples Banc Inc (NASDAQ:PEBO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Peoples Banc Inc (NASDAQ:PEBO) based on the price action in the company's shares. Yesterday's price range of $21.20 and $22.22 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 Peoples Banc Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Peoples Bancorp Inc. is a multi-bank holding company. The Company's subsidiaries provides an array of financial products and services to their customers, including traditional banking products such as deposit accounts, lending products, credit and debit cards, corporate and personal trust services, and safe deposit rental facilities.

Peoples Banc Inc share prices have moved between a 52-week high of $39.28 and a 52-week low of $17.91 and closed yesterday at 19% above that low price at $21.31 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.5% while the 200-day MA has slid 0.8%.

Peoples Banc Inc (NASDAQ:PEBO) has potential upside of 87.7% based on a current price of $21.31 and analysts' consensus price target of $40.00. The stock should find initial resistance at its 50-day moving average (MA) of $29.17 and further resistance at its 200-day MA of $31.55.

SmarTrend recommended that its subscribers protect gains by selling shares of Peoples Banc Inc on February 7th, 2020 by issuing a Downtrend alert when the shares were trading at $32.91. Since that call, shares of Peoples Banc Inc have fallen 35.2%. 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 peoples banc inc

Ticker(s): PEBO