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Possible Bullish Inside Day Candle Pattern Detected for East West Bancorp (NASDAQ:EWBC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in East West Bancorp (NASDAQ:EWBC) based on the price action in the company's shares. Yesterday's price range of $31.90 and $32.85 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. Traders and investors interested in shares of East West Bancorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

East West Bancorp share prices have moved between a 52-week high of $46.50 and a 52-week low of $27.25 and closed yesterday at 20% above that low price at $32.68 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.8%.

There is potential upside of 43.8% for shares of East West Bancorp based on a current price of $32.68 and an average consensus analyst price target of $47.00. The stock should run into initial resistance at its 50-day moving average (MA) of $33.65 and subsequent resistance at its 200-day MA of $37.92.

East West Bancorp, Inc. is the holding company for East-West Bank. The Bank is a commercial bank specializing in commercial, construction, and real estate lending as well as financing international trade. East-West operates throughout Los Angeles, Orange, San Francisco and Santa Clara counties.

SmarTrend is monitoring the recent change of momentum in East West Bancorp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of East West Bancorp in search of a potential trend change.

Keywords: bullish am inside day candle east west bancorp

Ticker(s): EWBC