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Possible Bearish Inside Day Candle Pattern Detected for Pinnacle Finl (NASDAQ:PNFP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pinnacle Finl (NASDAQ:PNFP) based on the price action in the company's shares. Yesterday's price range of $38.00 and $39.35 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 Pinnacle Finl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pinnacle Financial Partners, Inc. is a holding company for Pinnacle National Bank. The Bank operates as a community bank emphasizing personal banking relationships with individuals and businesses located in its primary service area, which is comprised of the metropolitan Nashville, Tennessee area and surrounding counties.

Pinnacle Finl share prices have moved between a 52-week high of $65.00 and a 52-week low of $27.80 and closed yesterday at 37% above that low price at $38.17 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 2.4%.

Potential upside of 97.0% exists for Pinnacle Finl, based on a current level of $38.17 and analysts' average consensus price target of $75.20. The stock should run into initial resistance at its 50-day moving average (MA) of $39.65 and subsequent resistance at its 200-day MA of $54.15.

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

Keywords: bearish am inside day candle pinnacle finl

Ticker(s): PNFP