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Possible Bullish Inside Day Candle Pattern Detected for Independent Bank (NASDAQ:IBTX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Independent Bank (NASDAQ:IBTX) based on the price action in the company's shares. Yesterday's price range of $33.94 and $36.30 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 Independent 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.

Independent Bank share prices have moved between a 52-week high of $63.16 and a 52-week low of $34.76 and closed yesterday at 1% above that low price at $35.20 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 2.4%.

Potential upside of 133.4% exists for Independent Bank, based on a current level of $35.20 and analysts' average consensus price target of $82.17. Independent Bank shares should first meet resistance at the 50-day moving average (MA) of $52.87 and find additional resistance at the 200-day MA of $53.59.

Independent Bank Group, Inc. operates national commercial bank. The Company offers personal and business banking services. Independent Bank operates in Texas.

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

Keywords: bullish am inside day candle independent bank

Ticker(s): IBTX