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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in East West Bncrp (NASDAQ:EWBC) based on the price action in the company's shares. Yesterday's price range of $45.48 and $45.84 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 Bncrp 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, 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.

There is potential upside of 67.4% for shares of East West Bncrp based on a current price of $45.79 and an average consensus analyst price target of $76.64. The stock should find initial resistance at its 50-day moving average (MA) of $49.85 and further resistance at its 200-day MA of $53.37.

In the past 52 weeks, East West Bncrp share prices have been bracketed by a low of $40.05 and a high of $73.98 and closed yesterday at $45.79, 14% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 1.1%.

SmarTrend is tracking the current trend status for East West Bncrp and will alert subscribers who have EWBC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle east west bncrp

Ticker(s): EWBC