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Possible Bearish Inside Day Candle Pattern Detected for Umpqua Holdings (NASDAQ:UMPQ)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Umpqua Holdings (NASDAQ:UMPQ) based on the price action in the company's shares. Yesterday's price range of $18.19 and $18.49 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 Umpqua Holdings may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 36.8% exists for Umpqua Holdings, based on a current level of $18.21 and analysts' average consensus price target of $24.91. The stock should find resistance at its 200-day moving average (MA) of $20.55, as well as support at its 50-day MA of $17.36.

Umpqua Holdings Corporation is the holding company for Umpqua Bank, an Oregon state-chartered bank. Umpqua Bank is engaged primarily in the business of commercial and retail banking and the delivery of retail brokerage services. The Bank provides asset management, mortgage banking and other financial services to corporate, institutional and individual customers.

Over the past year, Umpqua Holdings has traded in a range of $15.09 to $24.89 and closed yesterday at $18.21, 21% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Umpqua Holdings on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.37. Since that recommendation, shares of Umpqua Holdings have risen 6.7%. We continue to monitor UMPQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle umpqua holdings

Ticker(s): UMPQ