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Possible Bullish Inside Day Candle Pattern Detected for Ny Comm Bancorp (NYSE:NYCB)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ny Comm Bancorp (NYSE:NYCB) based on the price action in the company's shares. Yesterday's price range of $9.96 and $10.16 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 Ny Comm Bancorp 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, Ny Comm Bancorp share prices have been bracketed by a low of $8.19 and a high of $13.79 and closed yesterday at $10.00, 22% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1%.

There is potential upside of 29.4% for shares of Ny Comm Bancorp based on a current price of $10.00 and an average consensus analyst price target of $12.94. The stock should run into initial resistance at its 50-day moving average (MA) of $10.14 and subsequent resistance at its 200-day MA of $11.46.

New York Community Bancorp, Inc. is a multi-bank holding company. The Company, through its banking subsidiaries, offers a full range of traditional and non-traditional products and services, and originates multi-family, commercial real estate, and construction loans, primarily in the New York metropolitan area.

SmarTrend is tracking the current trend status for Ny Comm Bancorp and will alert subscribers who have NYCB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ny comm bancorp

Ticker(s): NYCB