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Possible Bearish Inside Day Candle Pattern Detected for Great Western Ba (NYSE:GWB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Great Western Ba (NYSE:GWB) based on the price action in the company's shares. Yesterday's price range of $29.95 and $30.50 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 Great Western Ba may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Great Western Bancorp Inc. is a bank holding company owning and controlling one and more banks.

Great Western Ba share prices have moved between a 52-week high of $44.60 and a 52-week low of $29.35 and closed yesterday at 2% above that low price at $30.02 per share. The 200-day and 50-day moving averages have moved 0.22% lower and 0.39% lower over the past week, respectively.

Potential upside of 56.9% exists for Great Western Ba, based on a current level of $30.02 and analysts' average consensus price target of $47.11. The stock should run into initial resistance at its 50-day moving average (MA) of $33.22 and subsequent resistance at its 200-day MA of $34.09.

SmarTrend recommended that its subscribers protect gains by selling shares of Great Western Ba on July 17th, 2019 by issuing a Downtrend alert when the shares were trading at $32.61. Since that call, shares of Great Western Ba have fallen 6.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle great western ba

Ticker(s): GWB