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

By David Diaz

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. Today's price range of $31.90 and $32.48 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. 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 (NASDAQ:EWBC) has potential upside of 45.7% based on a current price of $32.26 and analysts' consensus price target of $47.00. East West Bancorp shares should first meet resistance at the 50-day moving average (MA) of $33.65 and find additional resistance at the 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.

East West Bancorp share prices have moved between a 52-week high of $46.50 and a 52-week low of $27.25 and are now trading 18% above that low price at $32.26 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has slid 0.4%.

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 inside day candle east west bancorp

Ticker(s): EWBC