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Possible Bearish Inside Day Candle Pattern Detected for Webster Finl (NYSE:WBS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Webster Finl (NYSE:WBS) based on the price action in the company's shares. Yesterday's price range of $47.18 and $48.22 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 Webster Finl 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 35.3% exists for Webster Finl, based on a current level of $47.40 and analysts' average consensus price target of $64.11. The stock should find resistance at its 200-day moving average (MA) of $49.71, as well as support at its 50-day MA of $45.93.

Webster Financial Corporation is a bank holding company. The Company's banking subsidiary provides a wide range of financial services to individuals, families, and businesses throughout southern New England and eastern New York State. Webster provides business and consumer banking, mortgage lending, financial planning, trust and investment services, as well as Internet banking.

In the past 52 weeks, shares of Webster Finl have traded between a low of $42.29 and a high of $61.49 and closed yesterday at $47.40, which is 12% above that low price. The 200-day and 50-day moving averages have moved 0.16% lower and 0.26% higher over the past week, respectively.

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

Keywords: bearish am inside day candle webster finl

Ticker(s): WBS