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Possible Bearish Inside Day Candle Pattern Detected for Western Alliance (NYSE:WAL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Western Alliance (NYSE:WAL) based on the price action in the company's shares. Today's price range of $57.55 and $58.35 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 Western Alliance may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 20.2% for shares of Western Alliance based on a current price of $57.84 and an average consensus analyst price target of $69.50. Western Alliance shares should first meet resistance at the 200-day moving average (MA) of $58.24 and find additional resistance at the 50-day MA of $60.31.

In the past 52 weeks, shares of Western Alliance have traded between a low of $44.83 and a high of $64.06 and are now at $57.84, which is 29% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

Western Alliance Bancorp is a multi-bank holding company. The Company provides a full range of banking and related services to businesses and consumers in Nevada, Arizona, and California.

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

Keywords: bearish inside day candle western alliance

Ticker(s): WAL