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

By Nick Russo

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 $53.15 and $53.83 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 (NASDAQ:PACW) defies analysts with a current price ($53.75) 3.4% above its average consensus price target of $51.91. The stock should find initial support at its 200-day moving average (MA) of $41.08 and further support at its 50-day MA of $37.15.

In the past 52 weeks, Pacwest Bancorp share prices have been bracketed by a low of $35.56 and a high of $57.53 and closed yesterday at $53.75, 51% above that low price. 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 recommended that subscribers consider buying shares of Pacwest Bancorp on November 30th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $48.11. Since that recommendation, shares of Pacwest Bancorp have risen 12.2%. We continue to monitor PACW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle pacwest bancorp

Ticker(s): PACW