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Possible Bullish Inside Day Candle Pattern Detected for Signature Bank (NASDAQ:SBNY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Signature Bank (NASDAQ:SBNY) based on the price action in the company's shares. Yesterday's price range of $98.65 and $104.40 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 Signature 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.

Potential upside of 54.8% exists for Signature Bank, based on a current level of $104.28 and analysts' average consensus price target of $161.47. The stock should find initial resistance at its 200-day moving average (MA) of $125.78 and further resistance at its 50-day MA of $137.84.

Signature Bank is a full service commercial bank that serves privately owned business clients and their owners and senior managers. The Bank offers business and personal banking products and services, as well as investment, brokerage, asset management, and insurance products through its subsidiary, Signature Securities Group Corp.

Over the past year, Signature Bank has traded in a range of $100.23 to $148.64 and closed yesterday at $104.28, 4% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.3%.

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

Keywords: bullish am inside day candle signature bank

Ticker(s): SBNY