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Possible Bearish Inside Day Candle Pattern Detected for PacWest Bancorp (NASDAQ:PACW)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in PacWest Bancorp (NASDAQ:PACW) based on the price action in the company's shares. Yesterday's price range of $38.83 and $39.73 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 PacWest Bancorp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

PacWest Bancorp has overhead space with shares priced $39.43, or 20.6% below the average consensus analyst price target of $49.67. The stock should find resistance at its 200-day moving average (MA) of $41.08, as well as support at its 50-day MA of $37.15.

Over the past year, PacWest Bancorp has traded in a range of $29.05 to $48.85 and closed yesterday at $39.43, 36% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has slid 0.4%.

PacWest Bancorp is a bank holding company. The Company, through its banking subsidiary, offers a wide range of commercial banking services.

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

Keywords: bearish am inside day candle pacwest bancorp

Ticker(s): PACW