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

By James Quinn

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. Today's price range of $15.95 and $16.03 is within yesterday'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.

Umpqua Holdings has overhead space with shares priced $15.97, or 15.9% below the average consensus analyst price target of $19.00. The stock should find resistance at its 200-day moving average (MA) of $16.23, as well as support at its 50-day MA of $15.85.

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 $13.45 to $18.92 and is now at $15.97, 19% above that low. The 200-day and 50-day moving averages have moved 0.39% lower and 0.25% higher over the past week, respectively.

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

Keywords: bearish inside day candle umpqua holdings

Ticker(s): UMPQ