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Possible Bearish Inside Day Candle Pattern Detected for East West Bncrp (NASDAQ:EWBC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in East West Bncrp (NASDAQ:EWBC) based on the price action in the company's shares. Yesterday's price range of $45.47 and $45.90 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. Owners of East West Bncrp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

East West Bancorp, Inc. is the holding company for East-West Bank. The Bank is a commercial bank specializing in commercial, construction, and real estate lending, as well as financing international trade. East-West operates throughout Los Angeles, Orange, San Francisco, and Santa Clara counties.

East West Bncrp has overhead space with shares priced $45.61, or 40.5% below the average consensus analyst price target of $76.64. East West Bncrp shares should encounter resistance at the 200-day moving average (MA) of $46.64 and support at the 50-day MA of $44.15.

Over the past year, East West Bncrp has traded in a range of $35.53 to $60.42 and closed yesterday at $45.61, 28% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for East West Bncrp and will alert subscribers who have EWBC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle east west bncrp

Ticker(s): EWBC