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Possible Bullish Inside Day Candle Pattern Detected for Centerstate Bank (NASDAQ:CSFL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Centerstate Bank (NASDAQ:CSFL) based on the price action in the company's shares. Yesterday's price range of $22.72 and $22.98 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 Centerstate Bank may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Centerstate Bank share prices have moved between a 52-week high of $32.27 and a 52-week low of $19.55 and closed yesterday at 17% above that low price at $22.91 per share. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1%.

Centerstate Banks, Inc. is a multi-bank holding company. The Company's banking subsidiaries provide traditional deposit and lending products and services to their commercial and retail customers located in Florida.

Potential upside of 41.9% exists for Centerstate Bank, based on a current level of $22.91 and analysts' average consensus price target of $32.50. Centerstate Bank shares should first meet resistance at the 50-day moving average (MA) of $24.09 and find additional resistance at the 200-day MA of $25.41.

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

Keywords: bullish am inside day candle centerstate bank

Ticker(s): CSFL