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Possible Bullish Inside Day Candle Pattern Detected for Southside Ban In (NASDAQ:SBSI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Southside Ban In (NASDAQ:SBSI) based on the price action in the company's shares. Yesterday's price range of $28.63 and $29.29 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 Southside Ban In may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Southside Ban In has overhead space with shares priced $29.21, or 19.8% below the average consensus analyst price target of $36.40. The stock should find initial resistance at its 50-day moving average (MA) of $29.32 and further resistance at its 200-day MA of $33.56.

In the past 52 weeks, Southside Ban In share prices have been bracketed by a low of $23.74 and a high of $37.89 and closed yesterday at $29.21, 23% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.8%.

Southside Bancshares, Inc. is a holding company for Southside Bank. The Bank offers a full range of financial services to commercial, industrial, financial, and individual customers, including loans, equipment financing, real estate lending, trust services, and other services through offices in eastern Texas.

SmarTrend is tracking the current trend status for Southside Ban In and will alert subscribers who have SBSI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle southside ban in

Ticker(s): SBSI