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Possible Bullish Inside Day Candle Pattern Detected for Berkshire Hills (NYSE:BHLB)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Berkshire Hills (NYSE:BHLB) based on the price action in the company's shares. Yesterday's price range of $11.47 and $11.90 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. Traders and investors interested in shares of Berkshire Hills may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Berkshire Hills have traded between a low of $11.35 and a high of $33.72 and closed yesterday at $11.83, which is 4% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 7.8% while the 200-day MA has slid 1.6%.

Berkshire Hills Bancorp, Inc. is the holding company for Berkshire Bank. The Bank is a Massachusetts chartered savings bank which operates in Pittsfield and Berkshire County in Massachusetts. Berkshire Bank also makes loans in eastern New York, northern Connecticut, Southern Vermont, and western Massachusetts.

There is potential upside of 258.2% for shares of Berkshire Hills based on a current price of $11.83 and an average consensus analyst price target of $42.38. Berkshire Hills shares should first meet resistance at the 50-day moving average (MA) of $16.29 and find additional resistance at the 200-day MA of $27.01.

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

Keywords: bullish am inside day candle berkshire hills

Ticker(s): BHLB