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Possible Bearish Inside Day Candle Pattern Detected for Wintrust Finl (NASDAQ:WTFC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wintrust Finl (NASDAQ:WTFC) based on the price action in the company's shares. Yesterday's price range of $32.78 and $34.88 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 Wintrust Finl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wintrust Financial Corporation is a multi-bank holding company providing community-based banking services in various suburbs of Chicago, Illinois. The Banks provides a variety of commercial and personal financial services to individuals, businesses, local governmental units, and institutions. Wintrust also has a financing services subsidiary and a trust subsidiary.

Wintrust Finl has overhead space with shares priced $34.13, or 64.7% below the average consensus analyst price target of $96.70. Wintrust Finl shares should first meet resistance at the 50-day moving average (MA) of $53.56 and find additional resistance at the 200-day MA of $63.85.

Wintrust Finl share prices have moved between a 52-week high of $78.25 and a 52-week low of $22.02 and closed yesterday at 55% above that low price at $34.13 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 6.4% while the 200-day MA has slid 1.5%.

SmarTrend is monitoring the recent change of momentum in Wintrust Finl. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wintrust Finl in search of a potential trend change.

Keywords: bearish am inside day candle wintrust finl

Ticker(s): WTFC